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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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Saturday, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s minin ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
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- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
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