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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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Thursday, 18 June 09
INDIKA GETS APPROVAL ON PETROSEA ACQUISITION
PT Indika Energy, the country’s third-biggest miner, said on Wednesday that its shareholders had approved its plan to acquire an 81.95 percent ...
Thursday, 18 June 09
MORE FUNDS FOR COAL VIDESH ASSET BUY
The government plans to let Coal Videsh, a subsidiary of Coal India, have more than Rs 1,000 crore at its disposal to shop for assets abroad.
&ld ...
Wednesday, 17 June 09
MINE EXPLOSION'S DEATH TOLL HITS 30 - (UPDATE 1 )
Search and rescue workers have discovered the bodies of 30 miners who were killed in a coal mine explosion in the West Sumatra regency of Sawahlunto ...
Wednesday, 17 June 09
S.KOREA UTILITIES INK '09 COAL CONTRACTS WITH CHINA
* S.Korea to buy 3 mln tonnes of coal from China at $78.50/T
* Talks between individual power firms and miners ongoing
South Korean utilities ...
Wednesday, 17 June 09
MINE BLAST KILLS NINE, BURIES DOZENS
A major mine explosion near Sawahlunto city, West Sumatra, Tuesday, killed at least nine people while more than 30 were buried and are feared ...
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- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
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