Indonesia to limit foreign ownership in mines

JAKARTA: Indonesia's government is requiring foreign firms to sell down stakes in mines to take domestic ownership to at least 51 percent by the 10th year of production, according to a regulation posted on the energy and mining ministry website.

It was not clear if the regulation, issued as part of the 2009 mining law and effective from February 21, will apply only to new investors or also to existing mining investors such as Freeport McMoRan Copper & Gold Inc.