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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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- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- PTC India Limited - India
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