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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, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
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 fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Siam City Cement - Thailand
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