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Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
  The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia’s second largest thermal coal producer PT Adaro Energy, the world’s largest mining company announced Wednesday.
“These agreements with Adaro provide a strong local partner to ensure the successful development of our world class metallurgical coal interests in Indonesia,” BHP’s president for metallurgical coal Hubie van Dalsen said on the firms’s website.
BHP holds the remaining 75 percent of Maruwai and the company will form a joint venture with Adaro to manage it.
The Maruwai project’s external relations manager Indra Diannanjaya would not divulge the value of the 25 percent divested stake, since the completion of the transaction is subject to government approval.
Bambang Setiawan, director general for minerals, coal and geothermal at the Energy and Mineral Resources Ministry, said the divestment stake had been regulated in each mining contract. “We will evaluate whether this [BHP divestment] has been in accordance with the contract or not,” Bambang said.
The Maruwai coal project covers seven Coal Contracts of Work (CCoWs) located in East and Central Kalimantan and Adaro has operations near the site. BHP said the concession contained an estimated 774 million tons of undeveloped metallurgical and thermal coal. The project is expected to start coal production in 2014 with output to reach 6 million tons per year by 2019.
One of the contracts covers the Haju open-cast mine, where BHP plans to invest US$100 million.
BHP initially expected the mine to begin coal production by the middle of 2009, but in June last year the company decided to back down from its plan to develop the Haju mine, saying the project was not in line with the company’s long term business strategy.
This decision led to some 450 workers losing their jobs.
The company also signaled that it would completely pull out from Indonesia. However, in January BHP revised this position and told legislators it would only sell between 20 and 25 percent of its stake in the mine.
Several companies had reportedly bid for the 25 percent stake including PT Tambang Batubara Bukit Asam, the Djarum Group, the Rajawali Corp., Medco Energi, and PT Antam.
Source: The Jakarta Post ( By: Alfian )
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Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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