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