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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, 01 July 09
COAL INDIA SEEKS FASTER APPROVALS, IMPORTS, OVERSEAS MINERS
Coal India Ltd., the world’s biggest coal producer, wants mining approvals sped up to help it boost production to meet a widening supply short ...
Tuesday, 30 June 09
ARCELORMITTAL, RIO, 8 OTHERS VIE FOR COAL INDIA MINES
Coal India Ltd. short-listed ArcelorMittal, Rio Tinto Group and eight other companies to develop its abandoned mines to help ease a shortage of coal ...
Monday, 29 June 09
CHINA ENJOYS STABLE COAL ECONOMY IN THE FIRST FIVE MONTHS OF 2009
In the first five months of the year, China's raw coal production had continued to rise, and coal market stayed in a balance in terms of supply-dem ...
Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years ...
Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
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- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Planning Commission, India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- PTC India Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
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