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