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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, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
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