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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, 18 March 09
MANILA'S NAPOCOR SAYS BIDDING FOR 100,000T COAL FAILS - REUTERS
Top Philippine electricityproducer National Power Corp (Napocor) was unable to secure 100,000 tonnes of local coal for one of its power plantsfollow ...
Wednesday, 18 March 09
INDONESIA'S PLN APPOINTS KPC TO SUPPLY COAL - REUTERS
State electricity firm Perusahaan Listrik Negara (PLN) appointed PT Kaltim Prima Coal to supply 1 million tonnes of coal per annum to Tanjung Jati B ...
Monday, 16 March 09
TATA POWER HAS NO PLAN TO SELL STAKE IN INDONESIA BUMI MINES - BLOOMBERG
Tata Power Co., India’s biggest electricity generator outside state control, said it has “no intention” to sell its stake in two I ...
Monday, 16 March 09
ANTAM SELECTS PARTNERS FOR POMALAA POWER PLANT - THE JAKARTA POST
PT Aneka Tambang Tbk, Indonesia’s second-largest nickel producer, said it intended to develop a $300 million coal-fired plant in Pomalaa, Sout ...
Monday, 16 March 09
ADARO TO BOLSTER SUPPLY CHAIN THROUGH ACQUISITIONS - THE JAKARTA POST
PT Adaro Energy Tbk, Indonesia's second-largest coal producer, plans to acquire a coal barging and transshipment company to improve its supply chai ...
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- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Australian Coal Association
- PTC India Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
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