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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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Tuesday, 07 July 09
RICHARDS BAY TERMINAL COAL EXPORTS ROSE 7.2% IN JUNE
Richards Bay Coal Terminal Ltd., Africa’s largest coal-export facility, said shipments rose 7.2 percent in June from a year earlier.
Export ...
Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by ...
Tuesday, 07 July 09
INDIKA ENERGY COMPLETES THE ACQUISITION OF PETROSEA
TAMBANG reported that, PT Indika Energy, Tbk has officially announced that it has completed the acquisition of PT Petrosea, Tbk. from Clough Interna ...
Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING
Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offsh ...
Tuesday, 07 July 09
RBCT COAL EXPORTS TO REMAIN BELOW CAPACITY IN 2009
Coal volumes railed to South Africa’s Richards Bay Coal Terminal are continuing to fall far short of the corridor’s nameplate yearly cap ...
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- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- The University of Queensland
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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