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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, 02 May 09
BUMI'S FIRST-QUARTER PROFIT RISES 21% ON COAL PRICE - BLOOMBERG
PT BUMI RESOURCES, Asia’s biggest exporter of power-station coal, said first-quarter profit rose 21 percent after it earned higher prices for ...
Saturday, 02 May 09
COAL PRICES TO RISE ON CHINESE SUPPLY, INDIAN DEMAND, UBS SAYS
Peter Hickson, an analyst with UBS AG in London, comments on prices for thermal coal, burned to generate power. He commented in a report today.
& ...
Friday, 01 May 09
DEUTSCHE, BECKKETT CLAIMING ADARO WIN - THE JAKARTA GLOBE
Both Deutsche Bank AG and Beckkett, an investment firm controlled by Indonesian tycoon Sukanto Tanoto, claimed victory on Tuesday after Singapore&rs ...
Thursday, 30 April 09
SAN MIGUEL IN TALKS TO BUY STAKE IN ADARO - REUTERS
San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy , Indonesia's largest coal producer by market value, the Philip ...
Wednesday, 29 April 09
BAYAN READY TO OPERATE WORLD'S LARGEST COAL QUALITY IMPROVEMENT FACILITY - MAJALAH TAMBANG
PT. Bayan Resources Tbk. (hereinafter referred to as Bayan), an Indonesian coal manufacturer, announced that they are ready to operate the world's ...
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- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Planning Commission, India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
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