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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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Tuesday, 23 June 09
NAPOCOR TO RE-TENDER FOR 195,000 T COAL IN JULY
Electricity producer National Power Corp. (Napocor) will hold a tender on July 15 to buy 195,000 tons of steam coal for its Sual power station, the ...
Monday, 22 June 09
ONE DIES IN KUTAI COAL TUNNEL COLLAPSE
The Jakarta Post reported that, A tunnel at a coal mine belonging to company PT Fajar Bumi Sakti in Kutai Kartanegara, East Kalimantan collapsed on ...
Monday, 22 June 09
THIS WEEK IS EXPECTED TO BE FIRM AND DEMAND OF SHIPS WOULD BE STRONG - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI up by 487 points over last week which is an increase of almost 13 pct. The increase is again mainly due to Ca ...
Monday, 22 June 09
CHINESE MAY COAL IMPORTS HIT RECORD 9.43 MILLION TONNES
Reuters quoted Custom Data showed that China's coal imports hit an all-time record of 9.43 million tonnes in May.
The figure surpasses the previ ...
Monday, 22 June 09
SOUTH AFRICAN EXPORT COAL DECLINES ON WEAKENING EUROPEAN DEMAND
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, posted the first dro ...
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- Romanian Commodities Exchange
- Central Java Power - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
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