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