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Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
 PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the government over its ore-export ban policy, which the company claims has cost it dearly, as quoted by The Jakarta post, one of the leading English news papers in Indoneisa.
The Jakarta post further reported, the firm had filed the arbitration with the Washington-based International Center for the Settlement of Investment Disputes (ICSID), requesting an interim solution to allow NNT to resume exporting copper concentrate so that its Batu Hijau mine could resume operations, it said in a press statement on Tuesday.
The ore-export ban, which became effective on Jan. 12, had halted NNT’s Batu Hijau production and violated both the contract of work (CoW) between the company, in which Dutch firm Nusa Tenggara Partnership BV has a major shareholding, and the government, as well as a bilateral treaty between Indonesia and the Netherlands, said the company, JP said.
“Despite our best efforts over the last six months to resolve the export issues through good faith commitments to supporting the government’s policy, NNT has been unable to convince the government that our CoW should guide resolution of our differences,” said NNT president director Martiono Hadianto in a statement, Quoted by the Jakarta post.
Energy and Mineral Resources Ministry director general for minerals and coal R. Sukhyar said that the government would first examine details of the filing before taking any measures.
“We regret the firm’s decision […] We believe that everything can actually be settled,” he said.
“This situation will put a stop to our renegotiation process with the firm for some time,” he added.
As reported by The Jakarta post, Sukhyar said that NNT had previously conveyed its disappointment with the government’s ore-export ban and had declared force majeure despite intense discussion about the policy.
The ore-export ban requires mining firms in the country to export only processed minerals in a bid to develop the country’s downstream industry and provide added-value for exported mineral products.
The government has relaxed the regulations by allowing mining firms to continue exporting their mineral concentrates until 2017, when they will all be required to fully process their mineral products either in jointly owned smelters or in their own smelters.
During the interim period before 2017, the government has decided to impose progressive export duties ranging from 25 percent this year to 60 percent in 2016.
NNT previously said it would pay US$25 million to the government as a guarantee, known as a surety bond, of its commitment to build a smelter in the country in return for an export permit for its current semi-finished mineral with 95 percent copper concentrate.
Sukhyar said, however, that Newmont’s commitment to paying the bond had not yet materialized. Meanwhile, PT Freeport Indonesia which is the local arm of US-based mining giant Freeport McMoRan Gold & Copper Inc., has recently deposited $115 million in a surety bond, he said.
Sukhyar said, however, that his ministry had yet to grant an export permit to Freeport. “We will first continue our negotiations with Freeport on getting a memorandum of understanding [MoU] on issues such as royalty payments and contract extension. When that’s done, we will move on to the export permit,” he said.
According to The Jakarta Post, In addition to the Energy Ministry, Coordinating Economic Minister Chairul Tanjung has also repeatedly announced that the government was working on an MoU that would be legally binding on the next government.
One of the points in the MoU was a guarantee for Freeport, which operates the world’s second-largest copper mine and the world’s largest gold reserves in remote Papua, to extend its operation after its contract expires in 2021.
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Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
Thursday, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
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- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Economic Council, Georgia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
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