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Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
 As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so bitter that the massive 230 million ton coal development project at the center of the dispute is in jeopardy of falling into foreign hands.
CircleOne is showing signs it might sell its development stake to an overseas company. If this occurs, it will be a significant loss for Korean industry. Korea imports all of its steam coal and the government has designated it as one of the six most important resources. Last year, Korea imported 75.6 million tons worth $7 billion.
The KBB mine is the largest overseas mine that any Korean company has won the right to develop. It is on Sumatra Island, Indonesia, and covers 18,440 hectares (45,566 acres), which is about one-third the size of Seoul.
On June 13, SK Group affiliate SK Networks and CircleOne squared off over the stalled project in Seoul Central District Court, in what was the latest chapter in the three-year court battle.
While SK demanded CircleOne pay back the $20 million investment and $13.8 million in loans, CircleOne accused SK of being in breach of their 2007 deal.
CircleOne became the second Korean company to win resource development rights from the Indonesian government when it won the rights to KBB in March 2007. Several Korean companies had been vying for the project, including SK Networks. That prompted SK to team up with CircleOne to jointly develop the mine.
Under the 2007 arrangement, SK would invest $20 million in the project for a 23.5 percent stake. It also agreed to lend CircleOne an additional $22 million to set up on-site infrastructure. However, it all unraveled in early 2009 when SK suddenly stopped supplying CircleOne with cash - refusing to lend the company the remaining $8.2 million. Then in March last year, SK filed a lawsuit, demanding that CircleOne pay back all the money it had been lent. A shovel hasn’t entered the ground since.
SK claims CircleOne violated the terms of the contract by skipping on regulatory approval. It added that CircleOne falsely claimed to have resource rights to the entire 45,566 acre area, but in actual fact other companies had been operating oil wells and still more were farming. SK said its loans were meant for only development, but CircleOne used them to raise wages.
CircleOne, however, said SK’s claims are not true. It said the contract did not outline the resource rights and regulatory approval had been sought when required. SK, CircleOne claims, conducted due diligence four months before the contract was signed and had full knowledge of the oil projects and farming already taking place within the boundaries of the mine.
Time is ticking on the two-year court battle. If the sides can’t reconcile and infrastructure is not built by April 2012, the Indonesian government could invoke a contractual “out” in its deal with CircleOne and reopen bidding to develop the mine.
International steam coal prices have been on the rise due to the earthquake in Japan, as market watchers forecast higher demand for coal as a replacement for nuclear power. Prices rose from $84 per ton in 2009 to $131.80 per ton in April.
“We need to block the development rights going over to an overseas company at all costs,” said Kim Jung-gwan, the second vice minister at the Ministry of Knowledge Economy. “We hope that the two sides reconcile.”
Some experts suggest that the Korea Resources Corporation buy CircleOne’s rights.
The court is expected to make a ruling on Thursday.
About Korea JoongAng Daily
Korea JoongAng Daily is the exclusive partners to the International Herald Tribune in Korea.
Source: Korea JoongAng Daily ( By Kim Yeong-ook & Jung Seung-hyun)
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Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
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Showing 5211 to 5215 news of total 6871 |
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- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Mines - Canada
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
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