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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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Thursday, 12 March 09
ANALYSIS-FIRST NEW JAPAN COAL DEAL MAY NOT SET BENCHMARK - FOREXPROS.COM
* Informal coal-deal practice may come to an end this year
* Buyers expected to ask for a discount
* Biggest losers may be Chinese coal suppli ...
Thursday, 12 March 09
DEPARTMENT RECEIVES REPORT FROM GEOLOGICAL BODY AND NEDO - ESDM
The Geological Body of the Department of Energy and Mineral Resources have presented their Joint Study on Evaluation of Coal Resources and Reserves ...
Wednesday, 11 March 09
TENAGA SHARES CLIMB AS LOWER COAL PRICES CUT COSTS - BLOOMBERG
Bloomberg reported that, Tenaga Nasional Bhd., Malaysia’s state-controlled utility, climbed the most in a month in Kuala Lumpur trading as coal ...
Wednesday, 11 March 09
POSCO WINS 63% CUT IN PULVERIZED COAL PRICES, MACQUARIE SAYS - BLOOMBERG
Bloomberg reported that, Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton ...
Wednesday, 11 March 09
COAL EXPORTERS FEEL THE CHILL FROM ASIAN DOWNTURN -BUSINESS.SMH.COM
Business.smh.com reproted that, The demand for thermal coal - NSW's most valuable export - has begun to reduce dramatically in response to the need ...
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- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- The University of Queensland
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
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