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Monday, 29 June 09
INDONESIA PLANS 20 PCT FOREIGN MINING SALE LAW
 Indonesia plans to require foreign investors in mining firms to gradually divest shares starting from the fifth year of commercial production, but may relax this if no buyers are found, an official said on Monday.
A new mining law passed in December requires foreign investors to sell shares to either the government, state-owned enterprises, and/or a local private entity.
In a draft regulation to the law, the government has proposed that foreign investors would have to gradually sell 20 percent after the fifth year of commercial production, Bambang Gatot Ariyono, director of coal and mining at the energy ministry, said.
"Each year, foreign shareholders will sell 5 percent and if they fail to do so, it will be accumulated in the following year," Ariyono told reporters at a seminar on the new law.
"We proposed the (20 percent) figure since it balances the interests of investors and the government," he said, adding the regulation would not apply to mining projects where the life span was less than five years.
The previous mining law, which dates from 1967, did not require foreign firms to divest although in some cases foreign mining firms were required under their contract to sell shares.
The issue has led to several disputes involving global firms.
PT Newmont Nusa Tenggara (NNT), a unit of Newmont Mining Corp, which operates the Batu Hijau copper and gold mine in Sumbawa, was ordered in April to sell part of its stake to the government after an arbitration ruling following a prolonged dispute.
In 2003, Rio Tinto and BP were also embroiled in a long legal battle over the sale of a stake in PT Kaltim Prima Coal (KPC).
Priyo Pribadi Soemarno, executive director of the Indonesian Mining Association, which represents foreign and local mining interests, said the 20 percent figure was acceptable.
"But it needs to clearly set out how to determine share prices, the source of funds and the local investors that are eligible to buy the shares," he added.
Analysts have warned that the new divestment rule may stifle foreign investment if it did not address key issues such as finding local buyers, which is an obstacle for foreign shareholders when trying to meet divestment regulations.
Ariyono said the new rule would not apply a penalty to miners who were unable to find buyers, although the foreign firm would still be obliged to carry out a sale when a buyer was found.
"Investors must carry out divestment until it finds a buyer but there won't be any risk of default," he said, adding that the rule would be applied flexibly to remain attractive to investors.
Foreign investors, who have a local partner owning more than 20 percent, would be exempted from the obligation, Ariyono added.
Aviliani, an economist a local thinktank INDEF, said allowing foreign investors to list shares in their mining project on the stock exchange was a possible option to avoid such conflict.
"The government does not have to buy the shares, they can go public. It will attract people to invest because the process is more transparent," said Aviliani, who uses one name like many Indonesians.
This 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.
Source: Reuters (http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSJAK48641220090629?sp=true)
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Wednesday, 15 July 09
BANGLADESH TO IMPORT COAL FROM INDIA FOR 1 MORE YR
Bangladesh has decided to import coal from neighbour India for another year to save foreign exchange and time, a commerce ministry official said on ...
Wednesday, 15 July 09
INDONESIAN FIRM SUBMITS LOWEST BID FOR NAPOCOR COAL
ABS-CBN News reported that, An Indonesian firm offered to supply 195,000 tons of thermal coal to top Philippine electricity producer National Power ...
Wednesday, 15 July 09
INDIAN COAL MINISTRY TO CONSIDER POWER PLANT ALTERATION PROPOSALS
PTI reported that the coal ministry has agreed to consider applications of power plants seeking long term coal linkage due to enhancement in electri ...
Wednesday, 15 July 09
SHENHUA STARTS WORK ON INDONESIA POWER PLANT
Bloomberg reported that China Shenhua Guohau Power a unit of China’s biggest coal producer started construction of a power plant and mine in I ...
Wednesday, 15 July 09
PLN OPENS TENDERS FOR SUPPLY OF LOW - GRADE COAL
The Jakarta Globe, a Indonesian new paper reported that, State power utility PT PLN has opened a tender for the supply of low-grade coal for the nat ...
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- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
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