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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, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
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- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Bhatia International Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
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