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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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Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
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