What is the amount of post-mining rehabilitation funds?

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05/07/2017 15:39 WIB

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Cumulative Post-Mining Reclamation Fund (ASR) 2010-2016

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What is the amount of post-mining rehabilitation funds?

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Cumulative Post-Mining Reclamation Fund (ASR) 2010-2016

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Post-mining rehabilitation funds (Abandonment and Site Restoration/ASR) collected in three state-owned banks (BUMN) between 2010 and 2016 reached US$901 million. BNI Bank held 35.8 percent, Bank Mandiri 32.55 percent, and Bank BRI 31.65 percent.

ASR is an obligation of upstream oil and gas entities to rehabilitate or restore the site (mine) after the end of its use. This obligation must be reserved now and will be used for site restoration at the end of the mining period.

Initially, the reservation of these mining rehabilitation funds drew protests from oil and gas contractors because Production Sharing Contracts (PSCs) before 1994 did not address this issue at all. The obligation was first regulated in 1995, but not the funding. Then, in PSCs from 2008 onwards and after the establishment of BP Migas, the funding for ASR began to be regulated.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."