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Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
.jpg) The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brokers under control, after the unbridled fraud in the trading of the commodity claimed several foreign investors recently in Kalimantan and Sumatra.
Coal trader Edi Suhardi said the lax control in the industry had made foreign investors the easy targets of fraudsters.
"The government should guarantee legal certainty in the sector, otherwise the fraud cases will keep happening," said the Palangkaraya-based businessman over the weekend.
Recently, US global financial services firm Morgan Stanley was deceived by local partner PT Kerja Sama Tim Enterprise (KSTE), which defaulted on a US$3.9 million coal deal, causing the foreign investor losses of more than $1 million.
KSTE had been contracted to supply 50,000 tons of coal to Morgan Stanley through its branch office in Singapore. But the local partner only sent 16,000 tons in two shipments, with the second consignment falling short of the specifications detailed in the agreement.
A court in Banjarmasin, South Kalimantan, recently sentenced KSTE president director Zul Qamar to two years in prison for the crime.
"Zul Qamar received $1.9 million from Morgan Stanley Capital Group Inc., but the value of the coal shipped was less than $900,000," said prosecutor Ai Suniati.
Another major fraud case has seen US firm Glencore, a widely diversified commodities trading business, suffered losses of $2 million to a local company in Kalimantan last year.
Central Kalimantan coal trader Imam said the increase in global demand for coal had drawn illegal brokers into entering the lucrative business. "Many of them try to make as big a profit as possible by violating the regulations," he said.
"Their only capital is a bundle of documents, which they use to win over less-scrutinizing foreign investors."
Barnabas Irianto, a consultant for Australian company PT GMT Indonesia, which is involved in surveying and trading of coal in South Kalimantan, said the widespread fraud had also claimed local businesses as victims.
"These cases, however, of local sellers being cheated, aren't all that widely publicized," he said.
The case of PT Nusantara Thermal Coal (NTC), which had defrauded local investors in Bungo regency, Jambi, of $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
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- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
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