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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, 25 April 09
KPC DEVELOPS EAST KALIMANTAN WITH GOVT - THE JAKARTA POST
Kaltim Prima Coal (KPC) focuses on several areas in its CSR projects to help the government increase the welfare of the community living around the ...
Friday, 24 April 09
NAPOCOR TO TENDER FOR 195,000 T COAL - ABS-CBNNEWS.COM
Top Philippine electricity producer National Power Corp. (Napocor) said on Friday it will hold a tender on May 20 to buy 195,000 tons of steam coal ...
Friday, 24 April 09
NTPC TO DELVE INTO CONTRACT MINING - ECONOMICTIMES
NTPC, India’s largest power producer, plans to cash in on its decades-old experience in handling coal mines by spinning off a separate u ...
Wednesday, 22 April 09
PROTECTED FORESTS FACING UNDERGROUND MINING THREAT - THE JAKARTA POST
The government is soon to issue a presidential regulation allowing mining companies to mine underground in protected forest areas, despite a recent ...
Tuesday, 21 April 09
MITRA RAJASA TO ACQUIRE TWO MINING COMPANIES - THE JAKARTA POST
PT Mitra Rajasa Tbk plans to acquire PT Realita Jaya Mandiri and PT Masindo Artha Resources in South Sumatra, which are worth around US$40 million.
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- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
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