Indonesia mining ministry proposes 18 development projects for Danantara funding
Launched earlier this year, Danantara is Indonesian President Prabowo Subianto's main vehicle to achieve his 8% economic growth target by 2029 by managing all shares of state-owned enterprises and reinvesting the dividends in commercial projects.
The development and acceleration of Indonesia's domestic processing industries is among Prabowo's top economic agenda priorities.
Energy and Mineral Resources Minister Bahlil Lahadalia said the fund had the capacity to finance and manage the projects.
The priority projects include eight projects for the processing of minerals and coal, two which support energy security, while the rest concern energy transition and the processing of agriculture and fishery products, Bahlil said at the handover ceremony.
The government has already carried out initial studies on the proposed projects, and transferred to Danantara for further assessment and implementation.
The list of projects include oil refineries and storage facilities, a plant to produce solar panels, biofuels for jets, as well as iron and alumina smelters, ministry officials said.
Danantara, which recently secured a $10 billion credit line, will invest in the projects if they meet the fund's investment criteria, its CEO Rosan Roeslani told reporters.
"The financing can come from Danantara, state-owned enterprises...We can also even invite domestic or foreign private companies to make sure we can employ the best technology," Rosan said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
Valterra Platinum's half-year profit plunges 81% on lower sales
July 28 (Reuters) - South Africa's Valterra Platinum (VALJ.J), opens new tab reported an 81% slump in half-year profit on Monday, hit by lower output and costs associated with its demerger from Anglo American Platinum. Valterra's headline earnings were 1.2 billion rand ($67.62 million) in the six months to June 30, down from 6.5 billion rand in the same period last year. The miner said its sales of platinum group metals (PGM) sales decreased by 25% to 1.48 million ounces in the first half, mainly owing to the impact of flooding at its Amandelbult operations after heavy rains in February. Valterra declared an interim dividend of 2 rand per share, down 79% from the payout a year earlier. The world's biggest PGM producer by value demerged in June and is now listed separately in Johannesburg and London while global mining giant Anglo restructures its business to focus on copper. ($1 = 17.7452 rand)
Reuters
3 hours ago
- Reuters
Australia's Boss Energy flags Honeymoon uranium project challenges, shares plunge
July 28 (Reuters) - Australia's Boss Energy ( opens new tab on Monday flagged operational challenges at its flagship Honeymoon uranium project in South Australia, sending its shares to a three-year low. The uranium miner, which owns 100% of the Honeymoon project, warned that issues in ramping up operations could delay reaching full capacity, after the site exceeded production guidance for fiscal 2025. The Subiaco-headquartered company also flagged a rise in cash costs for fiscal 2026, citing shorter processing times and changes to the chemical mix used in extraction. "Honeymoon continues to ramp up, however the removal of nameplate targets and increased cost outlook have cast doubts over the project's long-term value," Jefferies analysts said in a note. Boss Energy said it expects to spend between A$27 million and A$30 million ($17.73 million-$19.70 million) on the project in fiscal 2026, which Jefferies said is higher than its estimates. The stock fell as much as 44.7% to A$1.880, its lowest since July 14, 2022, and was on track for its biggest daily drop since April 7, 2008. It was also the top loser on the broader ASX200 benchmark index (.AXJO), opens new tab, which was trading 0.2% higher, as of 0332 GMT. Jefferies analysts said the recent board changes have reduced the chances of Boss Energy engaging in acquisitions as they are more focused on internal growth. Boss Energy, which went public in 2007, said last week Chief Executive and Managing Director Duncan Craib would step down from the roles later this year and transition to a non-executive director role in 2026. Craib has been with the firm since 2017. Chief Operating Officer Matt Dusci was named as his successor, effective October 1. ($1 = 1.5232 Australian dollars)
Telegraph
4 hours ago
- Telegraph
Britain is stuck in a ‘doom loop', warns hedge fund chief
Britain is stuck in a 'doom loop' of rising debts, higher taxes and slower growth, one of the world's most influential hedge fund managers has warned. American billionaire Ray Dalio has issued a stark warning about the health of the UK economy, as he said that raising taxes to cover mounting borrowing costs will only lead to more people leaving. Referring to Britain's 'debt doom loop', Mr Dalio said there is a 'necessity for creating taxation that is then driving people away…[resulting in] a deterioration in conditions'. Speaking on The Master Investor Podcast with Wilfred Frost, the founder of hedge fund giant Bridgewater Associates said: 'The financial problems and the social problems worsen, having the effect of causing people with money to leave.' The threat of wealthy people quitting the country is significant for Chancellor Rachel Reeves, as the top 10pc of earners pay 58pc of all income tax, according to HM Revenue and Customs (HMRC). There are already signs that an exodus is under way, with some analysts predicting that the UK will lose more millionaires than any other country this year. As well as the impact of ballooning debts on taxes, Mr Dalio said they can also feed through to higher interest rates, which again increase strain on the public finances. Fixing Britain's debt crisis means 'difficult choices are going to have to be made', Mr Dalio said. It comes amid mounting pressure on Ms Reeves ahead of her upcoming autumn Budget, as some economists predict that she is facing a black hole of up to £20bn. Mr Dalio's warning comes just days after the International Monetary Fund (IMF) said the Chancellor must take radical action if she is to have any hope of repairing Britain's balance sheet. It raised the prospect of raising taxes on 'working people', such as income tax, National Insurance and VAT, which Labour ruled out in last year's manifesto. Alternatively, it said this or future governments must consider scrapping the triple lock or charging wealthier households to use the NHS. Mr Dalio's comments are particularly pertinent as the IMF noted the Government's growing reliance on hedge funds to finance the country's £2.9tn debt pile. 'More patient investors, like pension funds and insurers, which have traditionally tended to hold longer-term gilts, have scaled back their exposure in recent years,' the IMF said. 'Hedge funds are, by nature, more speculative, leveraged and tend to have concentrated positions; and thus could amplify volatility and liquidity shortages in case of a stress event.' Meanwhile, economists at the EY Item Club said the impact on Ms Reeves's National Insurance tax raid is now severely impacting the jobs market. Unemployment will rise to 5pc by the end of the year, EY said, up from 4.7pc according to the latest official figures. That increase would represent the highest unemployment rate since February 2021, when the country was still battling the pandemic. EY's latest report also indicated that inflation is set to stay above 3pc for the rest of this year, in part due to higher energy bills, and will only return to the Bank of England's 2pc target in late 2026. Separately, EY Item Club upgraded its growth forecasts for the year after the economy expanded by an unexpected 0.7pc in the first quarter. The analysts now expect UK GDP to grow by 1pc in 2025, up from its previous projection of 0.8pc. However, growth will slow again to 0.9pc in 2026 amid the volatility of Donald Trump's trade war. Matt Swannell, the EY Item Club's chief economic adviser, said: 'The UK's economic position remains challenging, and tightening fiscal policy and the lagged effect of interest rates, with some households still due to refinance their low-rate fixed mortgages in the coming year, will restrain growth. 'US tariffs, high bond yields and recent changes to welfare legislation will have increased spending and reduced tax revenues, shrinking the Government's already-thin fiscal headroom. 'This challenge could be even more significant if the Office for Budget Responsibility downgrades its growth assumptions at the autumn Budget, or if the Government is required to accelerate defence spending before the end of this parliament.' A government spokesman said: 'The best way to strengthen public finances is by growing the economy – which is our focus. 'Changes to tax and spend policy are not the only ways of doing this, as seen with our planning reforms, which are expected to grow the economy by £6.8bn and cut borrowing by £3.4bn.'
