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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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Friday, 12 June 09
THERMAL COAL PRICE REMAINS STABLE IN SHANXI - STEEL GURU
It is reported that coming into June, no major changes are seen in coal supply-demand relations in Shanxi province. Statistics of Qinhuangdao port, ...
Thursday, 11 June 09
PT NALCO PLANS TO CONSTRUCT COAL-FIRED POWER PLANT IN SOUTH SUMATRA - ENERGY BUSINESS REVIEW
PT Nalco (National Aluminium Company Limited), an Indian-based company, plans to construct a coal-fired power plant in South Sumatra. The company in ...
Thursday, 11 June 09
COAL PRODUCERS TO SEE BOOST IN DEMAND FROM ASIA PACIFIC - JAKARTA POST
The Jakarta Post reported that, at the recent 15th Coaltrans conference in Bali, we noted concerns related to rising oil prices at a faster pace tha ...
Wednesday, 10 June 09
BHP TO CUT 450 JOBS AT INDONESIAN COAL PROJECT - REUTERS
Reuters reported that, BHP Billiton Ltd will lay off all 450 workers at its Indonesian coal project after deciding not to go ahead with the pr ...
Monday, 08 June 09
PTC INDIA TO ACQUIRE COAL MINES IN AUSTRALIA, INDONESIA - PTI NEWS
PTI reported that, State-owned Power Trading Corp today said it would acquire coal properties overseas and has identified mines in Australia and Ind ...
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- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
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