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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 $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
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