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Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
 The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first quarter. According to ministry data, coal accounts for about 80 percent of Indonesia’s mining revenue and about 25 percent of Indonesian coal companies are IUP license holders.
The move is intended to help meet the revised 2015 state budget’s non-tax mineral revenue target of Rp 31.7 trillion (US$2.46 billion), up 28.9 percent from the earlier budget due to a reduced oil and gas non-tax revenue target. The revised budget includes a sharp fall of 63.7 percent in oil and gas non-tax revenue, amounting to Rp 81.4 trillion, due to reductions in the oil price assumption ($60 per barrel) and oil-lifting target of 825,000 barrels per day.
The administration of former president Susilo Bambang Yudhoyono planned to raise royalty payments, but the implementation was delayed due to weakening coal prices. The Indonesia Coal Producer Association had proposed that the increase be postponed as it felt royalty hikes would hurt coal miners and might not yield optimum state income in the weak coal environment, proposing instead that the government focus on reducing illegal coal mining.
The association had proposed raising royalties at a coal price of $100 per metric ton, and the Finance Ministry had countered with an $80 per metric ton proposed threshold. However, the upcoming increase is not price-dependent. The royalties will be assessed ad valorem based on coal type.
The coal price has risen 11 percent in the year-to-date but is down 9.8 percent year-on-year, to $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
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