JAKARTA: Foreign investors are bemoaning a new law in Indonesia that strips them of control over mining assets, the latest in a rash of regulations that reflect what they see as growing “resource nationalism”.
The law announced this month obliges foreigners to divest at least 51 percent of their shares to Indonesians over a 10-year period.
“We would like the benefits of our country’s resources to reach more Indonesians,” energy and minerals ministry resources director Thamrin Shiite said.
“Locals living around mines always say they want a share of what the companies are earning.”
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