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