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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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Wednesday, 01 July 09
COAL INDIA SEEKS FASTER APPROVALS, IMPORTS, OVERSEAS MINERS
Coal India Ltd., the world’s biggest coal producer, wants mining approvals sped up to help it boost production to meet a widening supply short ...
Tuesday, 30 June 09
ARCELORMITTAL, RIO, 8 OTHERS VIE FOR COAL INDIA MINES
Coal India Ltd. short-listed ArcelorMittal, Rio Tinto Group and eight other companies to develop its abandoned mines to help ease a shortage of coal ...
Monday, 29 June 09
CHINA ENJOYS STABLE COAL ECONOMY IN THE FIRST FIVE MONTHS OF 2009
In the first five months of the year, China's raw coal production had continued to rise, and coal market stayed in a balance in terms of supply-dem ...
Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years ...
Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
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- Independent Power Producers Association of India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
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