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Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
 COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off against value-added taxes (VAT) since 2001 because of complexities associated with the settlement, and the prospect that key policy decisions for such an important sector may have to wait until Indonesia's new president is inaugurated.
The Ministry of Energy and Mineral Resources had set a deadline of end-October 2014 for the repayments. This applies to coal miners operating under first- and second-generation coal contracts of work (CCoW) who started netting off input VAT against royalties when the central government classified mining as a VAT-exempt sector in 2001.
The amount of royalties owed is substantial for large CCoW concession holders - for example, PT Adaro Indonesia reported about USD750m as at June 2014. The complications associated with the implementation of this directive include the requirement to pay interest retrospectively on unpaid royalties to-date and the return of VAT from the government. While the exercise will likely result in a 'zero-sum' outcome for the state as well as coal producers in terms of net cash flows eventually, many coal producers will find a large upfront payment challenging under current poor market conditions, which have weakened their cash generation and liquidity.
Indonesia has a track record of introducing numerous changes to its mining regulations, but has also demonstrated some pragmatism when implementing them, often revising them based on consultations with industry participants. Given the cash flow challenges faced by many coal miners in the country, we expect a rational outcome for the settlement of royalties. We also believe there is a strong possibility of a final outcome being delayed until after the inauguration of the new president on 22 October 2014, given the importance of mining to the economy, employment and state revenues of Indonesia.
Another potential challenge for the coal miners is a new proposal by the state requiring coal exporters to pay royalties prior to shipping their cargoes. At present, miners pay royalties one to three months after shipment, once cash is collected from their customers. Given the cash flow challenges and curtailed access to funding for the sector in general, we feel that this shift too could be challenging to implement.
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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
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- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
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