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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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Saturday, 13 June 09
CLEARLY THE DRIVER FOR DRY BULK MARKET SEEMS TO BE IMPORTS BY CHINA - VISTAAR SINGAPORE
COALspot.com (Singapore): The market saw mixed results last week. The beginning of the week saw the indices dropping including the futures , however t ...
Friday, 12 June 09
SOUTH SUMATERA SPEEDS UP INTERNATIONAL HARBOR CONSTRUCTION - TEMPO INTERACTIVE
The South Sumatera Government will speed up construction of the international harbor Tanjung Api-Api. The harbor is a strategic entry point for comm ...
Friday, 12 June 09
CHINA SHENHUA NOT EYEING NEW FOREIGN COAL MINES - MEDIA
China Shenhua Energy Co Ltd , the top Chinese coal miner, will not consider buying any major overseas mines before it starts operating the Watermark ...
Friday, 12 June 09
CHINA TOP POWER COS SIGN REGIONAL COAL DEALS - REUTERS
China's top five power generating groups have signed 2009 coal supply contracts with miners in Guizhou and Xinjiang, with prices up 4 percent on th ...
Friday, 12 June 09
MERCATOR LINES TARGETS 30 MILLION TONNE FROM MOZAMBIQUE COAL MINE - STEEL GURU
India’s second largest private shipping company Mercator Lines has targeted production of 30 million tonnes of coal from its Mozambique mine o ...
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- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Planning Commission, India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
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