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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
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
Tuesday, 07 July 09
ECONOMIC SURVEY 2008-09 OPEN UP COAL TO FUEL POWER PLANTS
TOI reported that the coal ministry's efforts at opening doors for full private entry through open bidding in coal mining got a boost, with the Eco ...
Tuesday, 07 July 09
POWER - STATION COAL MAY RISE ON CHINA DEMAND, SUPPLIES, UBS SAYS
Power-station coal prices in Asia may increase in 2010 because of higher demand from China, the second-largest energy-consuming nation, and supply c ...
Saturday, 04 July 09
FREIGHT FUTURE FOR 3 YEARS UNTIL 2012 WAS FAIRLY SOFT AROUND PANAMAX / US$ 16,000, SUPRAMAX / US$ 13,000 PER DAY
COALspot.com (Singapore): According to Vistaar shipping, an experinced ship operator in Singapore, the freight market was soft with bit nervousness ...
Saturday, 04 July 09
CHINA BUYS 17% OF MINER TECK RESOURCES FOR $1.5 BILLION
* To sell 17.2 percent stake to China Investment Corp
* To raise proceeds of C$1.74 bln
* Shares rise 3.2 percent (Adds details. In U.S. dol ...
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- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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