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Saturday, 12 September 09
GOVT REQUESTS MORE TIME TO ACQUIRE 21% SHARES IN NNT
 The Jakarta Post reported that, the government plans to request a postponement for the acquisition of 21 percent shares in PT Newmont Nusa Tenggara (NNT), local subsidiary of US mining giant Newmont Corp., a minister says.
"We are asking for more *time* to settle several processes... 180 days more," Finance Minister Sri Mulyani Indrawati said in Jakarta on Friday.
Bambang Setiawan, director general of the Energy and Mineral Resources Ministry's division for coal, minerals and geothermal said that based on international arbitration to extend the time of divestment, it would be possible if both parties, the government and NTT, agreed on the matter.
"Our divestment deadline will be on September 27. If there is no deal yet about Newmont stake divestment, we can extend the process until November 2009 just like the divestment deadline of Newmont this year," Bambang said as quoted by Detik.com on Friday.
He assured that the government would finish purchasing the stakes by September 27.
Newmont is required by its contract with the government to submit to the central government, to the regional governments, to state-owned companies or to any local private companies designated by them. This was recently endorsed by an arbitration panel on March that demanded Newmont sell a total 31 percent of its stake in NNT - the operator of the Batu Hijau Mine, Indonesia's second largest copper mine
The Finance Ministry recently has appointed regional governments - West Nusa Tenggara province, Sumbawa Regency and West Sumbawa Regency - to lead the consortium to acquire the remaining 21 percent of shares to be divested by Newmont.
Previously, the three local governments had formed a consortium to acquire the first 10 percent shares in NNT, covering the parts of the stake that were supposed to be divested in 2006 (3 percent) and 2007 (7 percent).
To finance the acquisition of the 10 percent shares for the NTB-led consortium, which will cost US$391 million, the three local governments have chosen PT Multicapital, a subsidiary of Indonesia's biggest mining company PT Bumi Resources, as their partner to facilitate the deal.
No agreement so far has been made between the government and Newmont on the value of the remaining 21 percent shares nor how the government going to come up with the funds for the acquisition.
Last month, State Minister for State Enterprises Sofyan Djalil expressed his full support for state mining company PT Aneka Tambang and coal producer PT Tambang Batubara Bukit Asam (PTBA) to take part in the acquisition through a joint financing with local governments.
Source: The Jakarta Post
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Monday, 17 August 09
CHINESE COAL PURCHASE COULD START A TREND
ABC Rural reported that, The takeover of a major Australian coal mining company by Chinese-owned Yanzhou has raised fears coal markets could be domi ...
Saturday, 15 August 09
TWO / THREE YEAR CHARTER RATES FOR SUPRAMAX IS AROUND US$ 15,000-16,000 PER DAY - VISTAAR SHIPPING
COALspot.com (Singapore): The dry bulk market continued to be soft in the beginning of the week, however towards to end of the week the BDI recovere ...
Friday, 14 August 09
ASIA GREEN TO SELL MORE COAL
I Stock Analyst reported that, Asia Green Energy Plc (AGE) aims to increase its coal sales by 20 percent to 1 million tonnes this year, given the gl ...
Friday, 14 August 09
INDONESIA COAL-PRICES FALL TO $74, INDIA EYES SEPT CARGOES
Reuters reported that, Prices of power-station coal from Australia fell to around $74 a tonne as demand eased, while Indian buyers started to look f ...
Friday, 14 August 09
GUACOLDA STARTS THIRD COAL-FIRED UNIT
Macorship reported that, Chile’s Empresa Electrica Guacolda said that the third unit at its Guacolda coal-fired power plant began supplying po ...
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- Central Electricity Authority - India
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- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
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- Sindya Power Generating Company Private Ltd
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- Energy Link Ltd, New Zealand
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- Trasteel International SA, Italy
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- Economic Council, Georgia
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- IEA Clean Coal Centre - UK
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- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
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- Karbindo Abesyapradhi - Indoneisa
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- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
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- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
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- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
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- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
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- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
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- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
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- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
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- International Coal Ventures Pvt Ltd - India
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- Renaissance Capital - South Africa
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- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
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- Global Coal Blending Company Limited - Australia
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- The University of Queensland
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- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
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