We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 05 May 09
NEWCASTLE PORT'S WEEKLY COAL EXPORTS INCREASE - BLOOMBERG
COAL shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 18 percent last week while the numb ...
Tuesday, 05 May 09
INDONESIA'S ADARO PAYS $78.6 MLN FOR COAL-BARGING FIRM - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, said late on Monday it paid $78.6 million for a 74 percent stake in Orchard ...
Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining ...
Monday, 04 May 09
VISTAAR SINGAPORE SAYS, THIS MONTH DRY BULK FREIGHT LIKELY TO COME DOWN
COALspot.com (Singapore) - VISTAAR shipping Services Pte Limited of Singapore, said, the beginning of last week started with bit of weakness an ...
Monday, 04 May 09
PNOC-EC TO GROW COAL OPERATIONS - PHILIPPINE DAILY INQUIRER
LISTED firm Philippine National Oil Co.-Exploration Corp. plans to expand its operations this year to ensure the steady supply of coal and fur ...
|
|
|
Showing 6771 to 6775 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- The University of Queensland
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
|
| |
| |
|
