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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, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
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Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
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