MEMR Imposes Stricter Requirements for Changing Shareholders and Board Members
When the Minister of Energy and Mineral Resources (MEMR) issued Regulation No. 42 of 2017 on the Supervision of Business Activities in the Energy and Mineral Resources Sector (Reg. 42) on 17 July 2017, there were strong reactions in the market.
As a result, on 3 August 2017, the MEMR issued Regulation No. 48 of 2017 on Supervision in the Energy and Mineral Resources Sector (Reg. 48), which governs the same matters as Reg. 42 ie, procedures for changes of shareholdings and board of directors (BOD) and board of commissioners members (BOC) in power, geothermal, oil and gas, and mining companies. Reg. 48 revoked all provisions in Reg. 42.
This alert discusses the impact of Reg. 48 on mining companies.