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