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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, 23 June 11
DRY BULK MARKET KEEPS EXHIBITING SIGNS OF WEAKNESS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to climb at new highs this week, showing signs of weakness, across most ship types. Yesterday, the Baltic Dry ...
Wednesday, 22 June 11
BOOMING INDONESIAN COAL EXPORTS - BLEEDING INDIAN POWER INDUSTRY
COALspot.com - Indonesia shipped 28.962 Million tons of coal in May 2011, up by 15.86 percent compared to April export of about 24.995 m ...
Tuesday, 21 June 11
SURGE IN PRODUCTION AND PRICES TO PUSH BUKIT ASAMS NET PROFITS ABOVE RP 3T - THE JAKARTA GLOBE
State-owned coal company Perusahaan Tambang Batubara Bukit Asam expects its net income to increase about 50 percent this year on the back of rising ...
Tuesday, 21 June 11
DRY BULK MARKET TURNS RED AGAIN ON VESSEL OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk entered this week on a negative turn, with the industry’s benchmark the Baltic Dry Index (BDI) retreating by 0.35% to end the ses ...
Monday, 20 June 11
KPCL SETS ALL INDIA & POSSIBLY A WORLD RECORD FOR COAL DISCHARGING
COALspot.com - Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unload ...
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- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
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