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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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Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
Friday, 26 June 09
SA COAL EXPORTS UNLIKELY TO BREACH 65MT THIS YEAR
Coal volumes railed to South Africa’s Richards Bay Coal Terminal (RBCT) during the rain-affected first quarter of 2009 had fallen well short o ...
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- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
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