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