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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 $115 million in a surety bond, he said.
Sukhyar said, however, that his ministry had yet to grant an export permit to Freeport. “We will first continue our negotiations with Freeport on getting a memorandum of understanding [MoU] on issues such as royalty payments and contract extension. When that’s done, we will move on to the export permit,” he said.
According to The Jakarta Post, In addition to the Energy Ministry, Coordinating Economic Minister Chairul Tanjung has also repeatedly announced that the government was working on an MoU that would be legally binding on the next government.
One of the points in the MoU was a guarantee for Freeport, which operates the world’s second-largest copper mine and the world’s largest gold reserves in remote Papua, to extend its operation after its contract expires in 2021.
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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
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