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Monday, 27 April 09
INDONESIA MINING RULES MAY DETER INVESTORS-OFFICIALS - REUTERS
Indonesia's rules on foreign divestment of mining projects must be revised to address issues such as finding buyers if Southeast Asia's biggest economy is to attract new investment in the sector, industry officials said.
The issue of divestment, whereby foreign investors are required to sell down their stakes in local units, has led to several disputes involving global players.
A local unit of Newmont Mining Corp (NEM.N) is currently involved in an arbitration case over share divestment. In 2003, Rio Tinto (RIO.AX) and BP (BP.L) were embroiled in a long legal battle over the sale of a stake in PT Kaltim Prima Coal (KPC)
A new mining law passed in December requires foreign investors to divest shares to either the government, state-owned enterprises, and/or a local private entity after the fifth year of commercial production.
The previous mining law, dating from 1967, did not include this requirement. However, some mining companies, including PT Newmont Nusa Tenggara (NNT), were required to divest some of their shares to the government and local investors according to the terms of their contract of works with the government.
"The main concern for investors is the divestiture process that KPC and Newmont experienced was bad, because the provision in the contract of works was not well drafted," said Bob Parsons, an independent mining consultant.
"The divestiture provision will discourage foreign investment because it's against international business practices," he added.
The new mining law promises more certainty for investors, but also includes some contentious issues, with contracts of work replaced by shorter-term mining permits.
Priyo Pribadi Soemarno, executive director of the Indonesian Mining Association, said the five-year divestiture period was too short.
"Mining is a long-term business and is financed through loans. They need time to reach break-even point, repay the loan before starting to sell their shares, and five years is not sufficient," Soemarno said.
"We are not against divestiture. But it should not make it difficult for foreign investors to do it."
The association warns that mining investment in Indonesia may drop below $1 billion this year, adding that there may be no fresh projects as metal prices fall and miners await details of the new mining bill including the divestiture provision.
The government is more upbeat, saying mining and geothermal investment could hit $2.24 billion, up from $1.6 billion in 2008.
GOING PUBLIC?
One of the main obstacles for a foreign investor is finding a buyer, as shown by Newmont's experience with its unit, NNT, which operates the Batu Hijau copper and gold mine in Sumbawa.
Under its contract of work, Newmont must sell 51 percent of its shares in the unit to local investors, with the finance ministry having first right of refusal on all the share sales.
The Indonesian authorities said Newmont had not sold its shares quickly enough, even though the finance ministry did not take up the offer to buy the shares because of limited funds and other spending priorities, leading to a dispute.
An arbitration court ruled earlier this month that Newmont must sell a 17 percent stake to the government within 180 days.
"It is easy for the law to mandate companies to sell their shares but when there is no buyer, what should they do?" said Parsons. "The regulations should anticipate various scenarios."
One solution, analysts suggest, is to allow foreign investors to list shares in the local venture on the stock exchange.
That strategy was used by PT International Nickel Indonesia Tbk -- in which Brazil's Vale Inco Ltd has a 60.8 percent stake -- when it sold a 20 percent stake in an initial public offering in 1990.
The government is now drafting the implementing regulations for the new law, including regulations on divestiture.
"We are discussing various options, including whether to release miners from the obligation to divest their shares if they cannot find buyers within a certain period," said an energy and mines ministry official, who asked not to be identified by name.
Source: http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKJAK50340220090427?sp=true
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Saturday, 09 May 09
CHINA PLANS TO BUILD COAL STOCKPILE BASES IN SHANDONG - BLOOMBERG
China, the world’s largest coal producer and consumer, plans to build stockpiles of the fuel in the eastern province of Shandong to ensure sup ...
Friday, 08 May 09
INDONESIAN STATE AUDIT BOARD COULD ONLY REACHED A SMALL NUMBER OF KP AND PKP2B - MAJALAHTAMBANG
THE LACK of personnel and the very limited time period have been the reasons why the 2nd semester of the special purpose audit for coal mining ...
Friday, 08 May 09
B.C.'S MINING INDUSTRY HIGH COAL PRICES TO RECORD 2008 PROFITS - PAGUNTAKA
AGGREGATE pre-tax earnings rose to $3.2 billion, the highest amount in the 41-year history of a PricewaterhouseCoppers survey.
B.C.’s minin ...
Thursday, 07 May 09
ASIA COAL-PRICES EASE TO NEAR $63 ON DEMAND CONCERNS - REUTERS
AUSTRALIAN thermal coal prices, a benchmark for Asia, edged lower to around $63 a tonne on concerns over demand, after hitting a two-week high of $6 ...
Thursday, 07 May 09
RICHARDS BAY COAL SHIPMENTS FALL MOST IN 9 MONTHS - BLOOMBERG
RICHARDS BAY Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments fell 24 percent last month, the biggest drop in nine mo ...
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- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Aditya Birla Group - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
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