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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, 06 June 09
COAL PRICE HIT RECORD ON STRONG CHINA DEMAND - INVESTMENT WATCH
Investment watch reported that, “Coal price hit a new high of over $72 a tonne at Australia’s Newcastle Port, a benchmark for Asia, spur ...
Friday, 05 June 09
CEMENT INDUSTRY NEEDS POLICY ON FLY ASH
H.M. Bangur, President of Cement Manufacturers' Association, on the objectives and economic impact of the proposed national policy on utilisation o ...
Thursday, 04 June 09
PAKISTAN TO IMPORT MORE COAL FROM INDONESIA - SEATRADE
COALspot.com (Pakistan): Richards bay to Pakistan sea freight has touched US$ 20.00 for 40,000/10 pct steam size in June 2009. South African c ...
Thursday, 04 June 09
CHINA'S SHANXI PROVINCE CONSIDERS COAL FUTURES BOURSE - MINE WEB
Mine Web reported that, China hopes to establish a coal futures exchange to obtain more rights on international pricing.
China's largest coal pr ...
Thursday, 04 June 09
CHINA QINHUANGDAO COAL STOCK JUMPS BY 36.2% MOM - STEELGURU
SteelGuru reported that, Sources indicated that, coal stock at Qinhuangdao port, China's major coal port has reached 4.88 million tonnes increasing ...
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- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Planning Commission, India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- The University of Queensland
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
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