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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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Monday, 27 April 09
INDONESIA S.KALIMANTAN GETS COAL TRUCKS OFF PUBLIC ROADS - REUTERS
A local government in one of Indonesia's top coal-producing areas has banned coal and palm oil firms from using public roads because of the damage ...
Monday, 27 April 09
JSW ENERGY SET TO SNAP UP AFRICAN COAL MINE FOR $70 MN - ECONOMIC TIMES
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million ...
Monday, 27 April 09
UNDERGROUND MINING IN FOREST AREAS NOT SO SIMPLE - THE JAKARTA POST
The government's plan to issue a presidential decree allowing mining companies to mine underground in protected forest concession areas has resulte ...
Monday, 27 April 09
COAL PRICES ABOVE FUNDAMENTALS - STUFF.CO.NZ
Coal prices have defied the gravity of fundamental factors, supported by stockpiling prompted by cheaper prompt prices rather than a reflextion of a ...
Sunday, 26 April 09
MITRA HOPES TO SECURE DEALS WITH TWO COAL FIRMS BY JUNE - THE JAKARTA POST
An integrated oil and gas services company, publicly listed PT Mitra Rajasa, is expecting to seal acquisition deals with two coal companies in June, ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
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- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
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- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
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- Price Waterhouse Coopers - Russia
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- Antam Resourcindo - Indonesia
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- Bulk Trading Sa - Switzerland
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- Sojitz Corporation - Japan
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- Miang Besar Coal Terminal - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
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- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
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- Toyota Tsusho Corporation, Japan
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- Tata Chemicals Ltd - India
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- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
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- Metalloyd Limited - United Kingdom
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- Electricity Generating Authority of Thailand
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- McConnell Dowell - Australia
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- The State Trading Corporation of India Ltd
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- Economic Council, Georgia
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- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
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- New Zealand Coal & Carbon
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- Meenaskhi Energy Private Limited - India
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- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
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- Electricity Authority, New Zealand
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- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
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- Banpu Public Company Limited - Thailand
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- Straits Asia Resources Limited - Singapore
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- Australian Coal Association
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