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