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