2021: Although mining activities are not included in the New Investment List, Indonesia's mining laws and regulations (in particular, Law No. 4 of 2009 (as amended)) continue to require foreign-owned mining companies to gradually divest to local shareholders so that, by the 15th year of commencing commercial production operations, at least 51% of the shares in the mining company are held by Indonesian shareholders. Previously, a faster divestment rate applied so that by the 10th year the control of the company should be in the hands of Indonesian investors.
"APPENDIX III - REGULATION OF THE PRESIDENT OF THE REPUBLIC OF INDONESIA NUMBER 49 OF 2021 CONCERNING AMENDMENT TO PRESIDENTIAL REGULATION NUMBER 10 OF 2021 CONCERNING THE INVESTMENT BUSINESS SECTOR
LIST OF BUSINESS FIELDS WITH CERTAIN REQUIREMENTS
- Mining: Open (with conditions) [although not listed in the '2021 investment list', operational restrictions remain as reflected in the GR 5/2021]"(Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation])
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"Part Five - Energy and Mineral Resources Sector
Paragraph 1 - Undertaking Licensing
Article 41
(1) Business Licensing in the energy and mineral resources sector consists of:
a. oil and gas;
b. electricity;
c. minerals and coal; and
d. new energy, renewable, and energy conservation
[...]
(4) Business Licensing in the mineral and coal sub-sector as referred to in paragraph (1) letter c which is determined based on the results of the Risk analysis of business activities consists of:
a. mining;
b. special mining;
c. special mining as a continuation of contract / agreement operations;
d. community mining;
e. rock mining;
f. transport and sale;
g. mining services; and
h. mining for sale.
Art 42 [...]
(3) Business Licensing to Support Business Activities in the mineral and coal subsector as referred to in Article 41 paragraph (1) letter c includes:
a. partnership program approval;
b. approval for consulting and / or planning for mining service businesses; and
c. approval for the use of the participation of subsidiaries and / or affiliates in the mining service business.
Art 43 [...]
(2) Requirements and / or obligations of Undertaking Licensing in the energy and mineral resources sector which are determined based on the results of the Risk analysis of business activities as referred to in Article 4l and Business Licensing to Support Business Activities as referred to in Article 42 are listed in Attachment II.
[...]
[attachment II]
A. LIST OF REQUIREMENTS AND / OR OBLIGATIONS OF BUSINESS LICENSING IN THE ENERGY AND MINERAL RESOURCES SECTOR [...]
22. Coal Mining [...] Business Licensing Obligations: [...] 13. To divest shares for PMA [i.e. foreign-invested company] in accordance with statutory provisions [...]
23. Iron sand mining [...] Business Licensing Obligations: [...] 12. To divest shares for PMA in accordance with statutory provisions [...]
34. Natural Asphalt Mining [...] Business Licensing Obligations: [...] 12. To divest shares for PMA in accordance with statutory provisions [...]
35. Excavation of Decorative Stone and Building Stone  [...] Business Licensing Obligations: [...] 12. To divest shares for PMA in accordance with statutory provisions [...]" (Government Regulation Number 5 of 2021 concerning the Implementation of Risk-Based Business Licensing [google translation])
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"[...] CHAPTER XIII - RIGHTS AND OBUGATIONS [...]
Part Two - Obligations [...] 
Article 112
(1) Business entities holding IUP or IUPK at the Production Operation activity stage whose shares are owned by foreigners are required to divest shares of 51% (fifty one percent) in stages to the Central Government, Regional Government, BUMN, regionally owned enterprises, and/ or national private business entity.
(2) The Central Government as referred to in paragraph (1) through the Minister can jointly with provincial Governments, regency/city Regional Governments, BUMN, and/or regionally owned enterprises coordinate the determination of the divestment scheme and the composition of the amount of divestment shares to be purchased.
(3) In the event that the implementation of the gradual divestment of shares as referred to in paragraph (1) and paragraph (2) cannot be carried out, the share divestment offer shall be made through the Indonesian stock exchange. [...]" ( Law No. 3 of 2020 Concerning Amendments to Law No. 4 of 2009 concerning Mineral and Coal Mining [google translation])
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"CHAPTER I - GENERAL PROVISIONS
 Article 1
In this Government Regulation what is meant by: [...]
4.	Mineral Mining is Mining of Mineral groups in the form of ore or rocks, outside of geothermal, oil and natural gas, as well as groundwater.
5.	Coal Mining is Mining of carbon deposits that are found in the earth, including solid bitumen, peat, and asphalt rock.
6.	Mining Business is an activity in the context of Mineral or Coal exploitation which includes the stages of general investigation, exploration, feasibility study, construction, mining, processing and/or refining or development and/or utilization, transportation and sales, as well as post-mining. [...]
10.	Mining Business Permit, hereinafter referred to as IUP, is a permit to carry out a Mining Business.
[...]
CHAPTER X - MINING SERVICE BUSINESS
Article 137
(1)	IUP or IUPK holders are required to use local and/or national Mining Services companies.    
(2)	The Mining Services Company as referred to in paragraph (1) carries out Mining Services business activities with the type of business in the fields of:    
a.	General Research;  b. Exploration;   c. Feasibility study;  d. Mining Construction; e. Transportation; f. Mining environment;  g. Reclamation and Postmining; h.	Mining safety; and/or i. Mining.    
(3)	Mining Service Business Activities as referred to in paragraph (2) consist of:    
a.	consultation;  b. planning; And  c. implementation.    
(4)	Consultation and planning activities as referred to in paragraph (3) letters a and b are carried out after fulfilling the provisions of the Undertaking Licensing in the form of a standard certificate as referred to in Article 6 paragraph (2) letter b.    
(5)	The implementation activities as referred to in paragraph (3) letter c are carried out after obtaining the IUJP as referred to in Article 6 paragraph (4) letter h.    
(6)	The use of local and/or national Mining Services companies as referred to in paragraph (1) is carried out based on:    
a.	the proximity of the location of Mining Business Activities to the presence of Mining Services companies in other districts/cities, provinces and provinces; And    
b.	the status of a Mining Services company as a domestic investment company.    
(7)	In the event that there is no local and/or national Mining Services company as referred to in paragraph (1), the IUP or IUPK holder may use a Mining Services company that is an Indonesian legal entity in the context of foreign investment.    
(8)	The use of Mining Services companies that are Indonesian legal entities in the framework of foreign investment as referred to in paragraph (7) after the IUP or IUPK holders make announcements to the local and/or national mass media but there are no local and/or national Mining Services companies that are technically capable and/or financial. 
Article 138
(1)	The local and/or national Mining Services Company as referred to in Article 137 paragraph (1) may provide part of the Mining Services business work obtained to other parties.    
(2)	Mining Service Companies as referred to in paragraph (1) must prioritize the use of local contractors and local workers.    
[...]
CHAPTER XII - SHARE DIVESTMENT
Article 147
(1)	Business Entities holding IUP and IUPK at the Production Operation activity stage in the context of foreign investment are required to divest shares of at least 51% (fifty one percent) in stages to the Central Government, Regional Government, BUMN, BUMD, and/or Private Business Entities National.
(2)	The obligation to divest shares as referred to in paragraph (1) for holders of IUP and IUPK at the stage of Production Operation activities provided that:
a.	for those carrying out Mining activities using the open pit method and not integrated with Processing and/or Refining facilities or Development and/or Utilization activities, share ownership of the Central Government, Regional Government, BUMN, BUMD, and/or National Private Business Entities with the least percentage as follows:
1.	the tenth year of 5% (five percent);    
2.	the eleventh year of 10% (ten percent);    
3.	the twelfth year of 15% (fifteen percent);    
4.	thirteenth year by 20% (twenty percent);    
5.	the fourteenth year by 30% (thirty percent); And    
6.	fifteenth year of 51% (fifty one percent), since production. [...]" (Government Regulation No.96 of 2012 concerning the Implementation of Mineral and Coal Mining Business Activities [google translation])
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Previously
-----------------------------------
"[...] Article 97
(1) Holders of IUP and IUPK in the framework of foreign investment, after 5 (five) years from the date of production shall be obliged to divest its shares gradually, so that in its tenth year shares at least 51% (fifty one percent) are owned by Indonesian participants. 
2) Ownership of Indonesian participants as referred to in paragraph (1), in each year after the end of the fifth year of production shall not be less than the following percentage: a. sixth year 20% (twenty percent); b. seventh year 30% (thirty percent); c. eighth year of 37% (thirty seven percent); d. the ninth year 44% (forty four percent); and e. the tenth year 51% (fifty one percent), of the total shares.
(3) The divestment of shares as referred to in paragraph (1) shall be made to an Indonesian participant consisting of the Government, provincial government, or local government of a regency / city, a state-owned enterprise, a BUMD, or a private national enterprise.[...]" (Government Regulation (PP) concerning the Fifth Amendment to Government Regulation Number 23 of 2010 concerning Implementation of Mineral and Coal Mining Business Activities [repealed])
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"[..] Article I. Several provisions in Government Regulation Number 23 of 2010 concerning the Implementation of Mineral and Coal Mining Business Activities [...] are amended as follows:
1. Between Article 7B and Article 8 is inserted 1 (one) Article namely Article 7C which reads as follows:
Article 7C. Holders of IUP and IUPK that change the status of the company from domestic investment into foreign investment, the majority of foreign ownership:
a. 75% (seventy five percent) for IUP Exploration and Exploration IUPK;
b. 49% (forty-nine percent) for Production Operation IUP and Production Operation IUPK that do not own processing and / or purification activities;
c. 60% (sixty percent) for Production Operation IUP and Production Operation IUPK which perform own processing and / or purification activities; and
d. 70% (seventy percent) for Production Operation IUP and Production Operation IUPK that conduct mining activities using underground mining method.[...]"(GOVERNMENT REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 77 YEAR 2014 CONCERNING THIRD AMENDMENT TO GOVERNMENT REGULATION NUMBER 23 YEAR 2010 REGARDING IMPLEMENTATION OF MINERAL AND COAL MINING ACTIVITIES [repealed]).
Presidential Regulation (PERPRES) No. 49 of 2021 Concerning Amendments to Presidential Regulation Number 10 of 2021 concerning Investment Business Fields [google translation]
Government Regulation Number 5 of 2021 concerning the Implementation of Risk-Based Business Licensing [google translation]
Law No. 3 of 2020 Concerning Amendments to Law No. 4 of 2009 concerning Mineral and Coal Mining [google translation]
Government Regulation No.96 of 2012 concerning the Implementation of Mineral and Coal Mining Business Activities [google translation]
Government Regulation No.8 of 2018 concerning the Fifth Amendment to Government Regulation Number 23 of 2010 concerning Implementation of Mineral and Coal Mining Business Activities [repealed]
GOVERNMENT REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 77 YEAR 2014 CONCERNING THIRD AMENDMENT TO GOVERNMENT REGULATION NUMBER 23 YEAR 2010 REGARDING IMPLEMENTATION OF MINERAL AND COAL MINING ACTIVITIES [repealed]

[<a href="https://peraturan.bpk.go.id/Home/Details/168534/perpres-no-49-tahun-2021">PR49</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/161835/pp-no-5-tahun-2021">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/138909/uu-no-3-tahun-2020">Law</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/177410/pp-no-96-tahun-2021">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/72810/pp-no-8-tahun-2018">Reg</a>],[<a href="https://peraturan.bpk.go.id/Home/Details/5520/pp-no-77-tahun-2014">Reg</a>],[<a href="https://www.mondaq.com/mining/1130732/new-regulation-in-indonesia-seeks-to-strike-a-balance-in-mineral-and-coal-mining-business">Other</a>]