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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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- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
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