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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, 13 May 09
COAL SUPPLY MAY BE VASTLY OVERESTIMATED - ABC SCIENCE
The world's coal supply suggests reserves may be vastly overestimated and we could be facing an unprecedented global energy crisis, according to a ...
Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
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- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Parliament of New Zealand
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Planning Commission, India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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