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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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- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- White Energy Company Limited
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
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