Legal Alert: Issuance of President Regulation No 76/2024 on the Amendment to the Land Allocation for Investment Restructuring under the President Regulation No 70/2023

Tuesday, 06-08-2024

OVERVIEW

The President of Republic of Indonesia, Mr. Joko Widodo, recently issued President Regulation No. 76 of 2024 on the Amendment to President Regulation No. 70 of 2023 on Land Allocation for Investment Management on July, 24th, 2024 (“PR 76/2024”).
 
Key changes in this new President Regulation include the obligation of the special task force and the relevant ministries to prioritize the allocation of Special Mining Area (Wilayah Izin Usaha Pertambangan Khusus – “WIUPK”) as an ex-mining area under Coal Mining Concession Work Agreement (Perjanjian Karya Pengusahaan Pertambangan Batubara - PKP2B) to the business entities owned by Religious Mass Organizations in order to improve the welfare of the community and society.
 
In addition, PR 76/2024 states that the prioritization to grant the WIUPK will be in effect for a period of 5 (five) years from the issuance date of Government Regulation No. 25 of 2024 on the Amendment to Government Regulation No. 96 of 2021 on the Implementation of Mineral and Coal Mining.

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