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Indonesian coal-mining company Geo Energy Group is heading for a Singapore Exchange (SGX) mainboard listing with an initial public offering of 289.26 million shares at 32.5 cents each.

For decades explorers have enjoyed a place on the cutting edge of the country’s mining boom as they scoured the earth for fresh mineral deposits, a process that can take years and cost hundreds of millions of dollars before payback. But now they complain that new rules aimed at boosting state revenue from natural resources have slashed investment in mineral prospecting and could threaten the entire US$93 billion sector.