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Monday, 29 June 09
INDONESIA PLANS 20 PCT FOREIGN MINING SALE LAW
 Indonesia plans to require foreign investors in mining firms to gradually divest shares starting from the fifth year of commercial production, but may relax this if no buyers are found, an official said on Monday.
A new mining law passed in December requires foreign investors to sell shares to either the government, state-owned enterprises, and/or a local private entity.
In a draft regulation to the law, the government has proposed that foreign investors would have to gradually sell 20 percent after the fifth year of commercial production, Bambang Gatot Ariyono, director of coal and mining at the energy ministry, said.
"Each year, foreign shareholders will sell 5 percent and if they fail to do so, it will be accumulated in the following year," Ariyono told reporters at a seminar on the new law.
"We proposed the (20 percent) figure since it balances the interests of investors and the government," he said, adding the regulation would not apply to mining projects where the life span was less than five years.
The previous mining law, which dates from 1967, did not require foreign firms to divest although in some cases foreign mining firms were required under their contract to sell shares.
The issue has led to several disputes involving global firms.
PT Newmont Nusa Tenggara (NNT), a unit of Newmont Mining Corp, which operates the Batu Hijau copper and gold mine in Sumbawa, was ordered in April to sell part of its stake to the government after an arbitration ruling following a prolonged dispute.
In 2003, Rio Tinto and BP were also embroiled in a long legal battle over the sale of a stake in PT Kaltim Prima Coal (KPC).
Priyo Pribadi Soemarno, executive director of the Indonesian Mining Association, which represents foreign and local mining interests, said the 20 percent figure was acceptable.
"But it needs to clearly set out how to determine share prices, the source of funds and the local investors that are eligible to buy the shares," he added.
Analysts have warned that the new divestment rule may stifle foreign investment if it did not address key issues such as finding local buyers, which is an obstacle for foreign shareholders when trying to meet divestment regulations.
Ariyono said the new rule would not apply a penalty to miners who were unable to find buyers, although the foreign firm would still be obliged to carry out a sale when a buyer was found.
"Investors must carry out divestment until it finds a buyer but there won't be any risk of default," he said, adding that the rule would be applied flexibly to remain attractive to investors.
Foreign investors, who have a local partner owning more than 20 percent, would be exempted from the obligation, Ariyono added.
Aviliani, an economist a local thinktank INDEF, said allowing foreign investors to list shares in their mining project on the stock exchange was a possible option to avoid such conflict.
"The government does not have to buy the shares, they can go public. It will attract people to invest because the process is more transparent," said Aviliani, who uses one name like many Indonesians.
This strategy was used by PT International Nickel Indonesia Tbk in which Brazil's Vale Inco Ltd has a 60.8 percent stake -- when it sold a 20 percent stake in an initial public offering in 1990.
Source: Reuters (http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSJAK48641220090629?sp=true)
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Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
Tuesday, 07 July 09
ECONOMIC SURVEY 2008-09 OPEN UP COAL TO FUEL POWER PLANTS
TOI reported that the coal ministry's efforts at opening doors for full private entry through open bidding in coal mining got a boost, with the Eco ...
Tuesday, 07 July 09
POWER - STATION COAL MAY RISE ON CHINA DEMAND, SUPPLIES, UBS SAYS
Power-station coal prices in Asia may increase in 2010 because of higher demand from China, the second-largest energy-consuming nation, and supply c ...
Saturday, 04 July 09
FREIGHT FUTURE FOR 3 YEARS UNTIL 2012 WAS FAIRLY SOFT AROUND PANAMAX / US$ 16,000, SUPRAMAX / US$ 13,000 PER DAY
COALspot.com (Singapore): According to Vistaar shipping, an experinced ship operator in Singapore, the freight market was soft with bit nervousness ...
Saturday, 04 July 09
CHINA BUYS 17% OF MINER TECK RESOURCES FOR $1.5 BILLION
* To sell 17.2 percent stake to China Investment Corp
* To raise proceeds of C$1.74 bln
* Shares rise 3.2 percent (Adds details. In U.S. dol ...
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- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
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- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
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- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
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- Independent Power Producers Association of India
- PTC India Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
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- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
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- Global Business Power Corporation, Philippines
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- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
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- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
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- Energy Development Corp, Philippines
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- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
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- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- The University of Queensland
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
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- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
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- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
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