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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, 06 April 09
RICHARDS BAY COAL TERMINAL EXPORTS ROSE 5 PERCENT IN MARCH - BLOOMBERG
South Africa’s Richards Bay Coal Terminal, the world’s largest coal-export facility, shipped 5 percent more coal in March than the same ...
Monday, 06 April 09
INDIA'S OSWAL CHEM EYES INDONESIAN COAL MINES -ECONOMICTIMES
Oswal Chemicals and Fertilisers (OCFL), part of Abhay Oswal-led Oswal group, has initiated talks with three separate Indonesian coal firms to ...
Thursday, 02 April 09
FOREIGNERS ALSO CHEER FOR INDONESIA'S THE NEW MINING LAW - MAJALA TAMBANG
Three mining giants, Australia's Rio Tinto along with Canada's Barrick Gold and Southern Arc, are among foreign corporations currently applying fo ...
Wednesday, 01 April 09
INDONESIAN GOVERNMENT REVISES MINING REVENUE TARGET DOWN 26% - THE JAKARTA POST
Government income from mining this year, excluding taxes, is expected to drop by about 26 percent to Rp 11 trillion ($957 million), primarily becaus ...
Wednesday, 01 April 09
INDONESIAN OFFICIAL CLAIMS NEW LEGISLATION IS VINDICATED AS OVERSEAS FIRMS LINE UP FOR MINING LICENSES - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry is expected to issue six mining licenses under the country’s new mining law over the next two months ...
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- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
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