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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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Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
Friday, 26 June 09
SA COAL EXPORTS UNLIKELY TO BREACH 65MT THIS YEAR
Coal volumes railed to South Africa’s Richards Bay Coal Terminal (RBCT) during the rain-affected first quarter of 2009 had fallen well short o ...
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- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
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