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