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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, 04 June 09
ASIA COAL - PRICES RISE TO 31/2 MTH HIGH ON OIL, ECONOMY - INTERACTIVE INVESTOR
Interactive Investor reported that, Prices of power-station coal from Australia, a benchmark for Asia, rose to a three-and-a-half-month high of over ...
Thursday, 04 June 09
PTT: RESTRUCTURING BUSINESS, DIVERSIFYING INTO COAL - EASYBOURSE
Thailand's largest energy conglomerate, PTT PCL (PTT.TH), will diversify into coal as part of its business restructuring, Senior Executive Vice Pre ...
Thursday, 04 June 09
ADARO SECURES THREE NEW CONTRACTS, SAYS OUTLOOK POSITIVE - THE JAKARTA POST
Publicly listed PT Adaro Energy, the country's second largest coal miner, announced Wednesday it had secured three new coal contracts from buyers f ...
Wednesday, 03 June 09
XSTRATA, KOMIPO AGREE SOME '09 COAL TONNAGE AT $63/T- REUTERS
South Korean utility Korea Midland Power Co (KOMIPO) has agreed to buy part of its 2009 term contract tonnage from Xstrata's coal unit at about $63 ...
Wednesday, 03 June 09
KOSEP SEEKS UP TO 3 MLN TONNES OF COAL - REUTERS
Korea South-East Power Co Ltd (KOSEP) has issued four tenders seeking a total of 3 million tonnes of coal for delivery between 2009 to 2011, a tende ...
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- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
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