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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, 20 April 09
PT PAMAPERSADA SEES ITS REVENUE TO CLIMB BY 20% IN 2009 - STEELGURU
PT Pamapersada Nusantara, a unit of Indonesia's PT United Tractors, said that its 2009 profit will be similar to last year, even as it forecasts re ...
Monday, 20 April 09
NIPPON STEEL SEMI-SOFT COAL PRICE SAID TO DROP 67% - BLOOMBERG
Nippon Steel Corp., Japan’s largest mill, will pay up to 67 percent less for semi-soft coking coal this fiscal year, two industry executives w ...
Monday, 20 April 09
INTERNATIONAL INVESTORS SEEK TO SELL ADARO STAKES - MONEY.CNN
Some international investors in PT Adaro Energy ( ADRO.JK) have approached other companies to sell around a combined 17% stake in the coal miner via ...
Friday, 17 April 09
BHATIA COAL INDIA, VITOL IN DISPUTE - COAL JUNCTION
Bhatia Coal India, a subsidiary of the Bhatia International Group, terminated a coal supply contract with traders Vitol and has initiated arbitratio ...
Friday, 17 April 09
JSW TO BUY THERMAL COAL MINE IN AFRICA
Sajjan Jindal-led JSW Energy is close to acquiring a sub-Saharan African thermal coal mine, which has reserves of more than 200 million tons, to min ...
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- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Australian Coal Association
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
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