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On 4 November 2008, Reuters reported that Indonesia had signed a $1.1 billion contract for an iron sand and pig iron mining project (1), the first mining contract to be awarded in the resources-rich country in a decade due to confusion over the mining law.

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Nov 04, 2008· Indonesia signed a $1.1 billion contract for an iron sand and pig iron mining project on Tuesday, the first mining contract to be awarded in the resources-rich country in …

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Kulon Progo's iron sand mining project, a joint venture between Australia's Indo Mines Limited and Indonesia's Jogja Magasa Mining, began in 2007 on a sliver of land owned by the Sultan of Yogyakarta.

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