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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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Wednesday, 29 April 09
NEW GOV'T REGULATION SHOULD INCORPORATE CONFLICT SETTLEMENT BODY - ICMA (MAJALAH TAMBANG)
A draft government regulation on mineral and coal is currently in a process of completion. The Indonesian Coal Mining Association (ICMA) proposed th ...
Tuesday, 28 April 09
S'PORE COURT RULES AGAINST DEUTSCHE ON ASSET SALE - REUTERS
Singapore's highest court has ruled that Deutsche Bank (DBKGn.DE) may have to pay unspecified damages to an investment firm as it did not get the b ...
Tuesday, 28 April 09
WORLD THERMAL COAL PRICE EXPECTED TO CRASH - PURCHASING.COM
Macquarie Bank sees 50% drop to $60/ton in 2009
Macquarie Bank today forecast the 2009 average market price for world thermal coal at $60/ton, a ...
Tuesday, 28 April 09
THAI LANNA TO OPEN NEW INDONESIAN MINE BY Q3 - REUTERS
Thailand's Lanna Resources PCL LANN.BK said on Monday it planned to open a new coal mine in Indonesia by the third quarter of 2009 with an initial ...
Tuesday, 28 April 09
SOUTH AFRICAN EXPORT COAL RETREATS ON WEAKER EUROPEAN DEMAND - BLOOMBERG
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, fell for a second co ...
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- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Sojitz Corporation - Japan
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