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Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
 Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by politicians ahead of Wednesday's presidential election has hardly helped.
The mining industry is also awaiting details of regulations in a new mining law passed last year which was aimed at squeezing more from the country's rich mineral resources.
President Susilo Bambang Yudhoyono, who is widely expected to be returned to power, is seen as more open to foreign investment than his challengers, Megawati Sukarnoputri and Jusuf Kalla.
Here are some questions and answers on mining and the election.
IS INDONESIA GROWING MORE NATIONALISTIC OVER ITS RESOURCES?
Megawati has said she would take a tougher stance in contract negotiations with foreign resource firms if elected, singling out the Grasberg copper mine in Papua run by a unit of Freeport McMoRan Copper & Gold for criticism.
Kalla has also said that "unfair" contracts with foreign resource companies should be re-negotiated.
The Yudhoyono administration, however, has previously said it would respect contracts.
Analysts say a more nationalistic stance on resources is no surprise during an election period, but it could mean Indonesia loses out on investment later on, particularly given the current scarcity of global capital.
WHAT ARE THE RISKS OVER THE NEW MINING LAW?
The government is currently drafting regulations on the law for presidential approval and has said it plans to issue them by October before a new government takes office.
Issuing the regulations is seen as crucial to give certainty to investors. In the case of an oil and gas law passed in 2001, it took three years to issue the implementing regulations.
The new mining law means that investors will be put on shorter-term mining permits rather than longer-term contracts of work, while they will also have to process minerals in Indonesia and to set aside some of their coal for the domestic market.
Foreign investors will also have to divest to local players some of their shares in a mining project after a period.
Investors want clarity on all of these issues, particularly to ensure that previously agreed contracts of work are respected.
The plan to oblige coal-mining firms to set aside coal for local consumption has also sparked concerns among buyers over the long-term availability of coal from the world's top thermal coal exporter.
Details are still sketchy on the percentage coal producers must set aside, the price they will receive, and arrangements for producers who do not mine coal that is suitable for domestic use.
WHAT IS THE OUTLOOK FOR NEW FOREIGN MINING INVESTMENT?
The government has frozen new mining permits until the regulations are finalised and if they are not implemented by October there is a risk of further delays under a new government.
Either way, mining firms and experts say the mining law in its current form may not offer enough certainty to attract major new investment. The previous contract of work system was seen as more secure than the new licences, while the new law also limits the size of mining areas, also less attractive for big miners.
However, more smaller projects, which often run for a shorter period and need less capital, could go ahead under the new law.
The Indonesian Mining Association has said mining investment would fall below $1 billion this year due to uncertainty over the new mining law, although the government says investment from mining -- including geothermal -- could surpass $2 billion.
Some foreign companies have shelved investment plans since last year. BHP Billiton scrapped a study to develop an integrated nickel project in eastern Indonesia and also decided it would not go ahead with a coal mine in Central Kalminantan. Tsingshan Mineral Company Ltd had scrapped a $500 million nickel project in North Maluku in Indonesia.
WHAT ABOUT LEGAL CERTAINTY FOR MINING?
Legal certainty is a key issue for investors in Indonesia's mining sector and the government has been involved in a number of disputes with foreign mining companies.
PT Newmont Nusa Tenggara, an Indonesian unit of Newmont Mining Corp., and the government went to arbitration over a dispute on divestment.
The two sides are still negotiating over price after the government ordered Newmont to sell 17 percent of its shares to the Indonesian government within six months.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idUSJAK48046320090707?sp=true)
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Sunday, 21 June 09
CHINESE MINERS SEAL THERMAL COAL DEALS WITH JAPAN AND KOREA
As the confrontation between China's power and coal enterprises become more and more serious, coal enterprises which had supposedly been in the sho ...
Sunday, 21 June 09
MERCATOR TO BUY 3 BULK VESSELS
Mercator Lines, India’s second-largest private shipping company, is expanding its capacity and is set to acquire three gearless post-Panamax b ...
Sunday, 21 June 09
COAL SCARCITY HITS BIHAR POWER PLANTS
The Rs 60,000 crore 12,500mw power projects cleared by the State Investment Planning Board (SIPB) which could change the face of Bihar if commission ...
Sunday, 21 June 09
NLC CHALKS OUT RS 40K CR INVESTMENT
Public sector mini rathna, Neyveli Lignite Corporation is in rapid expansion mode and has chalked out Rs 40,000 crore investment both in
the mining ...
Sunday, 21 June 09
TRANSPORT PROBLEMS HOLD BACK RUSSIAN COAL EXPORTS
Limited rail capacity and poor port infrastructure are frustrating the ambitions of Russia's leading coal producers to increase exports quickly to ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
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- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
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- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
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- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
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- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
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- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
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- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
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- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
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- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
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- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
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- Wilmar Investment Holdings
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- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
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- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
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- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
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- Energy Development Corp, Philippines
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- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
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- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
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- Baramulti Group, Indonesia
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- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
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- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
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- Gujarat Electricity Regulatory Commission - India
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- Economic Council, Georgia
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- Planning Commission, India
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- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
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- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
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- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
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- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
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