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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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Thursday, 18 June 09
INDIKA GETS APPROVAL ON PETROSEA ACQUISITION
PT Indika Energy, the country’s third-biggest miner, said on Wednesday that its shareholders had approved its plan to acquire an 81.95 percent ...
Thursday, 18 June 09
MORE FUNDS FOR COAL VIDESH ASSET BUY
The government plans to let Coal Videsh, a subsidiary of Coal India, have more than Rs 1,000 crore at its disposal to shop for assets abroad.
&ld ...
Wednesday, 17 June 09
MINE EXPLOSION'S DEATH TOLL HITS 30 - (UPDATE 1 )
Search and rescue workers have discovered the bodies of 30 miners who were killed in a coal mine explosion in the West Sumatra regency of Sawahlunto ...
Wednesday, 17 June 09
S.KOREA UTILITIES INK '09 COAL CONTRACTS WITH CHINA
* S.Korea to buy 3 mln tonnes of coal from China at $78.50/T
* Talks between individual power firms and miners ongoing
South Korean utilities ...
Wednesday, 17 June 09
MINE BLAST KILLS NINE, BURIES DOZENS
A major mine explosion near Sawahlunto city, West Sumatra, Tuesday, killed at least nine people while more than 30 were buried and are feared ...
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- Independent Power Producers Association of India
- Planning Commission, India
- Coalindo Energy - Indonesia
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- Interocean Group of Companies - India
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- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
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- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
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- CNBM International Corporation - China
- Chamber of Mines of South Africa
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- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
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- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Antam Resourcindo - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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- Karbindo Abesyapradhi - Indoneisa
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- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Bhatia International Limited - India
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- Africa Commodities Group - South Africa
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