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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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Tuesday, 23 June 09
NAPOCOR TO RE-TENDER FOR 195,000 T COAL IN JULY
Electricity producer National Power Corp. (Napocor) will hold a tender on July 15 to buy 195,000 tons of steam coal for its Sual power station, the ...
Monday, 22 June 09
ONE DIES IN KUTAI COAL TUNNEL COLLAPSE
The Jakarta Post reported that, A tunnel at a coal mine belonging to company PT Fajar Bumi Sakti in Kutai Kartanegara, East Kalimantan collapsed on ...
Monday, 22 June 09
THIS WEEK IS EXPECTED TO BE FIRM AND DEMAND OF SHIPS WOULD BE STRONG - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI up by 487 points over last week which is an increase of almost 13 pct. The increase is again mainly due to Ca ...
Monday, 22 June 09
CHINESE MAY COAL IMPORTS HIT RECORD 9.43 MILLION TONNES
Reuters quoted Custom Data showed that China's coal imports hit an all-time record of 9.43 million tonnes in May.
The figure surpasses the previ ...
Monday, 22 June 09
SOUTH AFRICAN EXPORT COAL DECLINES ON WEAKENING EUROPEAN DEMAND
Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the fuel, posted the first dro ...
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- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Borneo Indobara - Indonesia
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