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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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Sunday, 08 March 09
AUSTRALIA'S FELIX STUDYING COAL ACQUISITIONS IN INDIA, INDONESIA
Bloomberg reported that, Felix Resources Ltd., an Australian supplier of coal to Korea and Japan, is studying acquisitions of energy coal assets in ...
Saturday, 07 March 09
THERMAL COAL PRICES MAY DROP, STANDARD CHARTERED SAYS
Bloomberg reported that, Coal prices may decline as a slump in demand for the fuel outpaces cuts in production, Standard Chartered Plc said.
Exp ...
Friday, 06 March 09
STRAITS ASIA EYES 3RD MINE
Straitstimes reported that, Mining company Straits Asia Resources is on an expansion trail to more than double its output by 2012.
Amid the econo ...
Friday, 06 March 09
INDONESIA MAY MISS 2009 COAL OUTPUT TARGET-OFFICIAL
Indonesia, the world's top thermal coal exporter, may fail to achieve its coal production target this year as the global economic crisis dents dema ...
Friday, 06 March 09
POWER FIRMS HEAD TO INDONESIA FOR COAL
The Hindu Businessline reported that, The enactment of a new, more liberal, mining legislation in Indonesia is drawing coal-starved Indian power uti ...
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- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
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