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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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- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Australian Coal Association
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
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