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