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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, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the b ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
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- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
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- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
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- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
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- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
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- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
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