Mining investment to fall short by 40 percent this year: Energy ministry

first_imgPrior to the COVID-19 pandemic, the energy ministry expected four new smelters to start operations this year.However, only two smelters – a ferronickel smelter and lead bullion smelter – are slated for completion in 2020, energy ministry mineral director Yunus Saefulhak told The Jakarta Post on Wednesday.The remaining two smelters – a nickel pig iron (NPI) smelter and a ferromanganese smelter – have had their expected operational dates pushed back to 2021 from 2020.“We have to be realistic. We will help those facilities that proceed with their development,” he said, adding that his office continued to find investors and electricity suppliers, among other things, for the delayed smelter projects. Investment in the mining industry is expected to fall short by US$4.74 billion this year, 40 percent of the initial target, as a result of delays in several smelter projects, the Energy and Mineral Resources (ESDM) Ministry has said.Lockdowns at various levels applied in many countries around the world to contain the spread of COVID-19 have disrupted material and labor supplies for the projects, adding more issues to developers’ financial problems, said the ministry’s coal director, Sujatmiko.“Smelter construction will only resume in July 2020,” he said during a webinar hosted by Cerah Foundation on Tuesday. Topics :center_img The pandemic-led investment shortfalls have added further delays to Indonesia’s ambitious smelter-development plan, which is part of a larger plan to transform the mineral-rich country from a commodity-driven economy to an industrial economy.Among the bigger smelter projects facing delays are those being developed by state-owned mining holding company MIND ID, officially PT Indonesia Asahan Aluminium (Inalum), and its subsidiaries.“Our partners cannot operate [normally] so that automatically means there will be delays whether we like it or not,” said MIND ID president director Orias Petrus Moerdak on Tuesday.Some of the projects are expected to fully resume in October, added Orias, who was speaking before House of Representatives lawmakers in Jakarta. Meanwhile, the other projects resumed early work this month.MIND ID subsidiary PT Aneka Tambang (Antam), a diversified miner, has put on hold a 98 percent complete $289 million ferronickel smelter in East Halmahera, Maluku, because of a lack of electricity.Antam president director Dana Amin said the miner initially enlisted private consortium BGP to develop a power plant for the smelter but ended the deal because of “financial problems”.“There was a lack of risk management,” he said.Meanwhile, fellow subsidiary PT Timah, a tin miner, has brought in construction equipment to the site of its $80 million tin smelter in West Bangka, Bangka Belitung province.“They are still waiting for an opportunity for the contractors to enter Bangka,” said Orias, adding that developers were focused on designing the facility in the meantime.PT Freeport Indonesia, a gold and copper miner, has requested a one-year delay in the completion deadline of its $3 billion smelter in Gresik, East Java, to 2023.last_img read more

Why Barcelona are confident of signing Pierre-Emerick Aubameyang from Arsenal

first_imgAdvertisement Barcelona believe they can sign Pierre-Emerick Aubameyang from Arsenal (Picture: Getty)Barcelona are confident of signing Pierre-Emerick Aubameyang from Arsenal, according to reports.Gabon international Aubameyang has developed into one of Arsenal’s most important players since his £56m move from Borussia Dortmund in 2018, scoring an impressive 61 goals in 96 appearances.The 30-year-old, who was named Arsenal’s new captain in November, will have just 12 months left on his current contract come the summer and has been strongly linked with a move.Barcelona have expressed interest in signing Aubameyang and the Daily Express say they believe they can strike a deal primarily because of the lack of Champions League football at the Emirates.ADVERTISEMENT Mikel Arteta previews Arsenal’s FA Cup clash with Portsmouth after crashing out of Europa LeagueTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 4:57FullscreenMikel Arteta previews Arsenal’s FA Cup clash with Portsmouth after crashing out of Europa Leaguehttps://metro.co.uk/video/mikel-arteta-previews-arsenals-fa-cup-clash-portsmouth-crashing-europa-league-2120986/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.Arsenal are currently tenth in the Premier League – eight points adrift of fourth-placed Chelsea – and were knocked out of the Europa League by Olympiakos during the week.AdvertisementAdvertisementIt is claimed Barcelona are also confident of signing Aubameyang as Arsenal are trying to raise funds after posting significant losses for the 2018-19 campaign.Inter Milan will reportedly try to beat Barcelona to a summer deal for Aubameyang, who has scored 20 goals in 31 appearances this term.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Despite Arsenal failing to tie Aubameyang down to a new contract, manager Mikel Arteta insists the club will continue to try to convince him to stay.‘He’s our most important player,’ Arteta said last week. Stats wise there’s no question about the impact that he has on the team.‘So as much as I can and the club can we will try to convince him to stay with us.’Follow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page.MORE: Roy Keane destroys Man Utd goalkeeper David de Gea over Everton mistakeMORE: Jadon Sancho responds to Man Utd, Chelsea and Liverpool transfer links Advertisement Why Barcelona are confident of signing Pierre-Emerick Aubameyang from Arsenalcenter_img Metro Sport ReporterSunday 1 Mar 2020 4:04 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link747Shares Commentlast_img read more