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Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
 The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a meeting at the Finance Ministry’s office in Jakarta on Wednesday to prepare the government’s response to the US$1.8 billion lawsuit filed by British mining company Churchill Mining.
“Today the team talked about preparations for the legal suit. We are learning about our strengths and weaknesses, and we are cross checking all available data that we have,” Deputy Energy and Mineral Resources Minister Rudi Rubiandini told reporters late on Wednesday, the paper further said.
He said that the government had established a team comprising senior officials representing the Energy and Mineral Resources Ministry, the Forestry Ministry, the Attorney General’s Office, the Finance Ministry, and the East Kutai administration as well as the Investment Coordinating Board (BKPM) to prepare the government’s response to Churchill’s litigation.
The team will report its work to President Susilo Bambang Yudho-yono on Friday.
Aside from Rudi, Wednesday’s meeting was also attended by Forestry Minister Zulkifli Hasan, Attorney General Basrief Arief, Finance Minister Agus Martowardojo and East Kutai Regent Isran Noor.
The London-listed company requested international arbitration after the Indonesian Supreme Court rejected its request to overturn the revocation of its local partner’s mining permits in East Kutai regency, East Kalimantan.
Churchill entered the country’s coal mining business after it acquired a 75 percent stake in the Ridlatama Group in 2008. The East Kutai administration revoked its partner’s mining permits in 2010 for allegedly engaging in illegal logging and operating under forged permits.
The permits covered coal mining in about 35,000 hectares that was formerly controlled by six local firms affiliated with the PT Nusantara Group, which was reported to have lost their mining rights in 2006 and 2007 due to a lack of activity.
Churchill estimates that the mining concessions hold 2.70 billion tons of coal with potential annual revenues of between $700 million and $1 billion for more than 20 years of operations.
The British company is reported to have sought $1.8 billion in compensation for the revocation of its mining permits. In its arbitration request, the company said the Indonesian government had breached its obligations under the UK-Indonesia Bilateral Investment Treaty.
Speaking to reporters after the meeting, Isran said that the permits were revoked because the company breached mining and forestry regulations.
He claimed Ridlatama had forged mining permits to operate on mining areas owned by Nusantara Group — a company linked to Prabowo Subianto, the founder of the Great Indonesia Movement (Gerindra) party and a chief of the Kopassus special forces unit under president Soeharto.
Isran denied rumors that the East Kutai administration had returned the mining areas to Nusantara after Churchill and its partner discovered huge coal deposits in the area.
“The mining areas belong to Nusantara and are now still owned by the company,” he said, adding that Ridlatama operated in the mining areas using forged permits. “There is a strong indication that the licensing documents that Ridlatama used are fake,” he said. With such strong legal arguments, he felt Churchill had little chance to win the case.
Meanwhile, Zulkifli also confirmed that the Forestry Ministry had strong evidence indicating that Ridlatama had operated in a forestry reserve in East Kutai without proper permits. He said that any mining company should obtain approval from his ministry to be able to operate in productive forest areas. “Ridlatama conducted mining activities and found huge coal deposits, but it operated without a permit,” he added.
Source: The Jakarta Post
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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
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- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
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