Indonesia revokes 50 bauxite Mining Business Licenses
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Update time : 2022-04-28 21:29:25
Bahlil Lahadalia, the Ministry of Investment/ Investment Coordinating Board of Indonesia (BKPM), announced that the investment acceleration task force has officially revoked 1,118 Mining Business Licenses (Izin Usaha Pertambangan, IUP) as of April 24, 53% of the targeted 2,078 IUPs, which was announced by President Joko Widodo in January this year. The revoked IUP covered an area of 2,707,433 hectares.
The president previously said he would revoke 2,078 IUPs, including 102 IUPs for nickel, 50 IUPs for bauxite, 271 IUPs for coal, 237 IUPs for tin, 141 IUPs for copper, 59 IUPs for gold, and 385 IUPs for other minerals.
The IUP was revoked as the permit given by the government was not used properly, like being mortgaged in a bank or traded.
