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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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Wednesday, 01 July 09
COAL INDIA SEEKS FASTER APPROVALS, IMPORTS, OVERSEAS MINERS
Coal India Ltd., the world’s biggest coal producer, wants mining approvals sped up to help it boost production to meet a widening supply short ...
Tuesday, 30 June 09
ARCELORMITTAL, RIO, 8 OTHERS VIE FOR COAL INDIA MINES
Coal India Ltd. short-listed ArcelorMittal, Rio Tinto Group and eight other companies to develop its abandoned mines to help ease a shortage of coal ...
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 m ...
Monday, 29 June 09
CHINA ENJOYS STABLE COAL ECONOMY IN THE FIRST FIVE MONTHS OF 2009
In the first five months of the year, China's raw coal production had continued to rise, and coal market stayed in a balance in terms of supply-dem ...
Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- White Energy Company Limited
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bukit Makmur.PT - Indonesia
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- SMG Consultants - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
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- GAC Shipping (India) Pvt Ltd
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- Sarangani Energy Corporation, Philippines
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- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
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- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
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- The State Trading Corporation of India Ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
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