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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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Wednesday, 01 April 09
COAL FIRMS' PROFITS NOT EXPECTED TO GROW IN '09 - - THE JAKARTA POST (ANALYSTS)
Despite their windfall profits in 2008, analysts doubt that PT Bumi Resources Tbk or any other coal firms will post profit growth this year, with pr ...
Tuesday, 31 March 09
DEUTSCHE BANK TO ADD COAL, GAS, SHIPPING IN COMMODITY EXPANSION - BLOOMBERG
Deutsche Bank AG, after quadrupling revenue from commodities in two years, plans to add coal, European natural-gas and shipping to its business, ant ...
Monday, 30 March 09
CHINA SHENHUA SAYS AGREES DOMESTIC COAL DEALS - REUTERS
Chinese coal mining giant China Shenhua Energy Co has agreed long-term contracts with some Chinese power producers, its President Ling Wen said on M ...
Sunday, 29 March 09
SHENHUA ENERGY 2008 NET RISES 29% TO RECORD ON PRICES - BLOOMBERG
China Shenhua Energy Co Ltd., the nation’s biggest coal producer, said profit rose 29 percent to a record in 2008 after it increased productio ...
Friday, 27 March 09
SOUTH AFRICAN COAL EXPORTS EXPECTED TO RISE IN 2009, BUT RAIL WILL DETERMINE BY HOW MUCH - MININGWEEKLY
South Africa has an expanding coal-export terminal, but an uncertain rail capacity.
The mismatch is something South Africa cannot afford, given i ...
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- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
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