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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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Tuesday, 21 April 09
INDONESIAN GOVT TO ALLOW UNDERGROUND MINING IN PROTECTED FORESTS - THE JAKARTA POST
The government will issue a regulation allowing mining companies to carry out underground mining in protected forests.
"This regulation will ...
Tuesday, 21 April 09
INDONESIAN GOVT LIKELY TO MISS INVESTMENT TARGETS FOR ENERGY, MINING - THE JAKARTA POST
The total value of investments in energy and mining sectors by the end of the year is likely to be below the government’s target, as a result of ...
Monday, 20 April 09
INDONESIAN COAL MINING ASSOCIATION CALLED TO CONTROL MINERS - MAJALA TAMBANG
The Indonesian Coal Mining Association (ICMA) is called to expand its membership further in view of controlling the conduct of miners in the nationa ...
Monday, 20 April 09
BANPU PLANS TO SHIP 2 MLN T COAL TO CHINA IN 09 - REUTERS
Banpu, Thailand's largest coal miner, plans to increase coal shipments to China by about 30 percent to 2 million tonnes in 2009, company officials ...
Monday, 20 April 09
INDO TAMBANGRAYA 2009 OUTPUT TO GO UP 16% - THE JAKARTA POST
Indonesia's third largest coal producer, publicly listed PT Indo Tambangraya Megah (ITM), is targeting to raise production by 16 percent this year ...
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- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
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