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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 $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
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- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Planning Commission, India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
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