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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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Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
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