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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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Friday, 06 March 09
CHURCHILL STARTS REVERSE DRILLING AT INDONESIAN COAL PROJECT
Miningweekly reported that, Aim-listed minerals explorer Churchill Mining on Thursday stated that reverse drilling at its East Kutai coal project (E ...
Thursday, 05 March 09
UAE FUND PLANS INDONESIA COAL RAIL LINK
News.alibaba reported that, A United Arab Emirates' fund signed a memorandum of understanding on Monday (2 March 2009) with an Indonesian prov ...
Thursday, 05 March 09
CHINA COAL-PRICES LITTLE CHANGED DESPITE PLUNGE ABROAD
China's spot coal prices were little changed from a week earlier, despite the sharp fall in the international market, and demand for coal remains s ...
Thursday, 05 March 09
RAK TO BUILD COAL FIRED POWER STATION
The National Ras al Khaimah, which is developing a coal mine in Indonesia, will build a coal-fired power plant in the emirate in the next two years ...
Wednesday, 04 March 09
COAL: GLOBAL DEMAND WEAKENS
The Jakarta Post reported that, While coal prices were stickier on the way down compared to other commodities like oil, the Newcastle price now sugg ...
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- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
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