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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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Friday, 26 June 09
BAYAN TARGETS GROSS PROFIT TO RISE BY 86.2 PERCENT
Local coal producer publicly listed PT Bayan Resources is targeting this year's gross profit to rise by 86.2 percent on the back of higher sales vo ...
Thursday, 25 June 09
INDIA'S ULTRATECH BUYS 500,000T S.AFRICA COAL
Indian cement maker Ultratech has bought 10 handymax cargoes of South African coal at $73.00-$74.00 a tonne CIF for July-September delivery, Indian ...
Wednesday, 24 June 09
NTPC BURNS MORE COAL TO PRODUCE ELECTRICITY
A tonne of coal is the same as another tonne of coal, you might think.
But power major NTPC Ltd is finding that this year’s coal is not yie ...
Wednesday, 24 June 09
NTPC, COAL INDIA TO BUY MINING ASSETS OVERSEAS
State-owned utility National Thermal Power Corporation (NTPC) and the largest coal producer Coal India are in advanced stages of acquiring mining as ...
Tuesday, 23 June 09
NEWCASTLE WEEKLY COAL EXPORTS DECREASE 15%; SHIP QUEUE RISES
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 15 percent last week while the numb ...
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- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
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