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