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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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Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- White Energy Company Limited
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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