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