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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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Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- The University of Queensland
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