Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Widjajono Partowidagdo, the key policy maker behind a drive to impose a 25% tax on Indonesia’s mining exports, passed away unexpectedly on Saturday.
Deputy Energy and Minerals Minister Widjajono Partowidagdo died of a suspected heart attack while climbing 2,815-meter-high Mount Tambora in Indonesia. He was 60-years-old.
“Actually, my husband had no record of severe illness. Besides, mountain climbing had always been one of his hobbies,” said Nina Triaswati, Partowidagdo’s wife, in a report from Antara.
Partowidagdo liked to climb mountains and ascended a total of 40 in Indonesia and abroad.
According to Reuters, Partowidagdo was leading a drive to slap a 25 percent tax on mining exports in 2012 and a 50 percent tax in 2013. Other controversial regulation was a requirement that select foreign companies must divest 51% of ownership over 10 years.
Indonesia has rich reserves of tin and thermal coal.
Partowidagdo’s undergraduate degree was in petroleum engineering. He received a PhD in oil economics from the University of Southern California.
Partowidagdo also sought several times to raise fuel subsidies, which were depleting the state budget, but the policy didn’t make it out of the legislature.
He is survived by his daughter, Amelia Crystals, aged 15 and his wife Ninasapti Triaswati, who is 48.
Image from LintasMe
2 Comments
sales
This year Export tax will be planned 25% and next year in 2013 will be rised up to 50%, but too bad i think he doesn’t live long enough to enjoy it, i think this is how they (politicians) works to get more money without high risk involve, more holiday (hiking) rather than working
Bumblie
Another greedy socialist politician who does not understand that it is a partnership between all the stakeholders and the investors have to get a sufficient return for the high risks involved.