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Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
.jpg) The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years of commercial production, officials meeting to discuss the new mining regulations revealed on Monday.
The compulsory divestment plan will affect all new mining concessions granted after December, when the 2008 Mining Law was passed. It was met with mixed reactions by the mining community.
Under Article 112 of the new law, the government requires foreign investors to begin selling their shares to either the government, state-owned companies, local-government-owned entities or Indonesian-owned private enterprises after the fifth year of commercial production.
The law requires companies to divest 20 percent of the shares in their local subsidiaries within four years, with targets of 5 percent stakes annually, said Bambang Gatot Ariyono, the director of coal and minerals at the Ministry of Energy and Mineral Resources, on Monday.
“On the ninth year of the foreign companies’ operations, they will have finished divesting a 20 percent stake,” he said.
“The divestment is aimed at increasing the [local] dividend paid on resources if state-owned or local government-owned companies purchase the stake.”
Although the government set the 20 percent divestment to be finished in the ninth year, it will be happy to extend the process if foreign companies have difficulty finding local buyers for the stake, Bambang said.
The regulation, which is part of a package of implementing regulations expected to come into law in August, is the first time an across-the-board rule on mining divestment has been passed, with previous divestment rules depending on the year, or generation, in which a mining contract was signed. It covers all mined commodities, including coal and precious metals.
The country’s old mining law of 1967, which was valid until last year, did not rule on divestment requirements.
However, mining companies that operate in Indonesia under fourth-generation contracts of work, including US mining subsidiary unit PT Newmont Nusa Tenggara, are required to divest a 51 percent stake to locally owned entities. Other generations are not similarly affected.
Bambang Setiawan, the director general of coal, minerals, and geothermal energy, said the regulation proposal was a political move in line with the country’s constitution, which states that all of the country’s natural resources belong to the state, with profits to be shared among the people. “We hope to improve public welfare, especially for people living near mines,” he said.
Martiono Hadianto, the president director of US-based Newmont Mining’s Indonesian unit, said that the new requirement could be difficult to implement, because the price of stakes in large foreign-owned companies would rise significantly after commercial operations began.
Newmont has been in a protracted dispute with the government over the compulsory divestment of its PT Newmont Nusa Tenggara subsidiary.
“It will be difficult to find local companies that have the resources to purchase stakes,” Martiono said.
Jeffrey Mulyono — head of the Forum on Post-Mining Activities and Forest Reclamation and the president director of PT Bhakti Energi Persada — said that the government should ensure that state-owned companies were given the first opportunities to buy stakes in the foreign mines.
“If private companies buy the stakes, the divestiture process will only benefit private individuals, not the state,” he said.
“It will also be difficult for the government to ensure that the private company is not financed by foreign investors.”
Aviliani, an analyst at the Institute for Development, Economics and Finance, also questioned the divestment rules, saying that protracted price negotiations could slow down the divestment process.
This year, the government expects to book approximately $2.15 billion in investment in the mining sector, up from $1.65 billion last year.
Source:The Jakarta Globe
(http://thejakartaglobe.com/business/government-fine-tunes-mining-law/315178)
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Monday, 20 July 09
CHINA COAL PRODUCES 52.7 MLN TONNES OF COAL IN 1H, UP 5.4 PCT
China Mining reported that, China Coal Energy Co., the country's second largest coal producer, said Saturday that it produced 52.67 million tonnes ...
Monday, 20 July 09
INDONESIA PRODUCES 72 MILLION MT IN FIRST HALF OF YEAR: OFFICIAL
Indonesia produced 72 million mt of coal in the first half of 2009, or 31.3% of the government’s target this year, a senior government officia ...
Sunday, 19 July 09
JINDAL S&P IN TALKS TO BUY SA COAL MINE FOR RS 350-400 CR (US$ 80 - 90 MILLION)
Economic Times reported that, Naveen Jindal-led Jindal Steel & Power (JSPL) is acquiring a thermal coal mine in South Africa, a top company exec ...
Saturday, 18 July 09
REN POWER CZ COMMISSIONS ANOTHER PHOTOVOLTAIC POWER STATION
COALspot.com (Press Release): REN Power CZ, a company in the Czech Coal Group, has put into operation another photovoltaic power station. The plant ...
Saturday, 18 July 09
THE FUTURE FOR SUPRAMAX FOR NEXT 3 YEARS TILL 2012 WOULD BE AROUND US$ 13,500 PER DAY - CAPT. REDDY
COALspot.com ( Singapore): The market moved up sharply this week , which was quite unexpected.
The BDI was up by 557 which is an increase of 18 ...
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- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
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