MELBOURNE, June 20 (Reuters) - Intrepid Mines is battling to win back an 80 percent stake in the Tujuh Bukit copper and gold project in Indonesia’s East Java, where its partners sold its interest to powerful businessmen.
It is the latest victim of ownership fights in Indonesia, a minerals-rich country that global group Transparency International ranked 118 out of 174 on perceptions of public corruption.
Following are some recent cases.
Churchill is suing the Indonesian government for $1.05 billion plus interest for revoking its licenses over the East Kutai coal site, estimated to contain 2.8 billion tonnes of coal reserves. Licenses to the area are now owned by the Nusantara Group, which is controlled by a politician, Prabowo Subianto.
The provincial government of West Nusa Tenggara is contesting the central government’s 2011 agreement to buy a 7 percent stake that Newmont was required to divest in the huge Batu Hijau copper and gold mine.
Avocet Mining is facing a $1.95 billion lawsuit by former partner PT Lebong Tandai over the sale of its Indonesian and Malaysian gold mines in 2011. Lebong Tandai claims Avocet had agreed to sell the assets to it.
Rothschild scion Nat Rothschild’s Bumi Plc lost in a battle against the powerful Bakrie family over control of Bumi Resources amid allegations of corruption. Aburizal Bakrie is likely to be the Golkar party’s presidential candidate in elections in 2014. (Compiled by Sonali Paul; Editing by Tom Hogue)