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Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest economy is to attract new investment in the sector, industry officials said.
The issue of divestment, whereby foreign investors are required to sell down their stakes in local units, has led to several disputes involving global players.
A local unit of Newmont Mining Corp (NEM.N) is currently involved in an arbitration case over share divestment. In 2003, Rio Tinto (RIO.AX) and BP (BP.L) were embroiled in a long legal battle over the sale of a stake in PT Kaltim Prima Coal (KPC)
A new mining law passed in December requires foreign investors to divest shares to either the government, state-owned enterprises, and/or a local private entity after the fifth year of commercial production.
The previous mining law, dating from 1967, did not include this requirement. However, some mining companies, including PT Newmont Nusa Tenggara (NNT), were required to divest some of their shares to the government and local investors according to the terms of their contract of works with the government.
"The main concern for investors is the divestiture process that KPC and Newmont experienced was bad, because the provision in the contract of works was not well drafted," said Bob Parsons, an independent mining consultant.
"The divestiture provision will discourage foreign investment because it's against international business practices," he added.
The new mining law promises more certainty for investors, but also includes some contentious issues, with contracts of work replaced by shorter-term mining permits.
Priyo Pribadi Soemarno, executive director of the Indonesian Mining Association, said the five-year divestiture period was too short.
"Mining is a long-term business and is financed through loans. They need time to reach break-even point, repay the loan before starting to sell their shares, and five years is not sufficient," Soemarno said.
"We are not against divestiture. But it should not make it difficult for foreign investors to do it."
The association warns that mining investment in Indonesia may drop below $1 billion this year, adding that there may be no fresh projects as metal prices fall and miners await details of the new mining bill including the divestiture provision.
The government is more upbeat, saying mining and geothermal investment could hit $2.24 billion, up from $1.6 billion in 2008.
GOING PUBLIC?
One of the main obstacles for a foreign investor is finding a buyer, as shown by Newmont's experience with its unit, NNT, which operates the Batu Hijau copper and gold mine in Sumbawa.
Under its contract of work, Newmont must sell 51 percent of its shares in the unit to local investors, with the finance ministry having first right of refusal on all the share sales.
The Indonesian authorities said Newmont had not sold its shares quickly enough, even though the finance ministry did not take up the offer to buy the shares because of limited funds and other spending priorities, leading to a dispute.
An arbitration court ruled earlier this month that Newmont must sell a 17 percent stake to the government within 180 days.
"It is easy for the law to mandate companies to sell their shares but when there is no buyer, what should they do?" said Parsons. "The regulations should anticipate various scenarios."
One solution, analysts suggest, is to allow foreign investors to list shares in the local venture on the stock exchange.
That strategy was used by PT International Nickel Indonesia Tbk -- in which Brazil's Vale Inco Ltd has a 60.8 percent stake -- when it sold a 20 percent stake in an initial public offering in 1990.
The government is now drafting the implementing regulations for the new law, including regulations on divestiture.
"We are discussing various options, including whether to release miners from the obligation to divest their shares if they cannot find buyers within a certain period," said an energy and mines ministry official, who asked not to be identified by name.
Source: http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKJAK50340220090427?sp=true
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Wednesday, 20 May 09
COAL & OIL BAGS TWO CONTRACTS TO SUPPLY COAL TO CEMENT & SUGAR INDUSTRY IN INDIA
COALspot.com: According to website of Coal & Oil Company, Aditya Birla Group (Ultratech) have placed orders with Coal and Oil Company for supply ...
Wednesday, 20 May 09
CIL MAY URGE NEW GOVERNMENT TO HIKE COAL PRICE - STEELGURU
BL reported that soon after assuming office the new government may be faced with a proposal for an increase in prices of coal by Coal India Limited ...
Wednesday, 20 May 09
S.KOREA COAL IMPORTS IN APRIL DOWN 22 PCT Y/Y - REUTERS
South Korea's imports of heating coal in April fell 22 percent from a year earlier on bearish demand from domestic utilities, industry data showed ...
Wednesday, 20 May 09
THE WORLD'S TOP COAL TRADING COMPANIES - REUTERS
The international physical steam coal market has become increasingly liquid and tradeable during the past five years.
Physical global seaborne co ...
Wednesday, 20 May 09
SHIPPING INDEX RISES TO 7-MONTH HIGH AS CHINESE DEMAND ADVANCES - BLOOMBERG
The Baltic Dry Index, a measure of shipping costs for commodities, rose to a seven-month high in London on accelerating Chinese demand for iron ore. ...
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- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
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