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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 $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
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