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Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
 Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by politicians ahead of Wednesday's presidential election has hardly helped.
The mining industry is also awaiting details of regulations in a new mining law passed last year which was aimed at squeezing more from the country's rich mineral resources.
President Susilo Bambang Yudhoyono, who is widely expected to be returned to power, is seen as more open to foreign investment than his challengers, Megawati Sukarnoputri and Jusuf Kalla.
Here are some questions and answers on mining and the election.
IS INDONESIA GROWING MORE NATIONALISTIC OVER ITS RESOURCES?
Megawati has said she would take a tougher stance in contract negotiations with foreign resource firms if elected, singling out the Grasberg copper mine in Papua run by a unit of Freeport McMoRan Copper & Gold for criticism.
Kalla has also said that "unfair" contracts with foreign resource companies should be re-negotiated.
The Yudhoyono administration, however, has previously said it would respect contracts.
Analysts say a more nationalistic stance on resources is no surprise during an election period, but it could mean Indonesia loses out on investment later on, particularly given the current scarcity of global capital.
WHAT ARE THE RISKS OVER THE NEW MINING LAW?
The government is currently drafting regulations on the law for presidential approval and has said it plans to issue them by October before a new government takes office.
Issuing the regulations is seen as crucial to give certainty to investors. In the case of an oil and gas law passed in 2001, it took three years to issue the implementing regulations.
The new mining law means that investors will be put on shorter-term mining permits rather than longer-term contracts of work, while they will also have to process minerals in Indonesia and to set aside some of their coal for the domestic market.
Foreign investors will also have to divest to local players some of their shares in a mining project after a period.
Investors want clarity on all of these issues, particularly to ensure that previously agreed contracts of work are respected.
The plan to oblige coal-mining firms to set aside coal for local consumption has also sparked concerns among buyers over the long-term availability of coal from the world's top thermal coal exporter.
Details are still sketchy on the percentage coal producers must set aside, the price they will receive, and arrangements for producers who do not mine coal that is suitable for domestic use.
WHAT IS THE OUTLOOK FOR NEW FOREIGN MINING INVESTMENT?
The government has frozen new mining permits until the regulations are finalised and if they are not implemented by October there is a risk of further delays under a new government.
Either way, mining firms and experts say the mining law in its current form may not offer enough certainty to attract major new investment. The previous contract of work system was seen as more secure than the new licences, while the new law also limits the size of mining areas, also less attractive for big miners.
However, more smaller projects, which often run for a shorter period and need less capital, could go ahead under the new law.
The Indonesian Mining Association has said mining investment would fall below $1 billion this year due to uncertainty over the new mining law, although the government says investment from mining -- including geothermal -- could surpass $2 billion.
Some foreign companies have shelved investment plans since last year. BHP Billiton scrapped a study to develop an integrated nickel project in eastern Indonesia and also decided it would not go ahead with a coal mine in Central Kalminantan. Tsingshan Mineral Company Ltd had scrapped a $500 million nickel project in North Maluku in Indonesia.
WHAT ABOUT LEGAL CERTAINTY FOR MINING?
Legal certainty is a key issue for investors in Indonesia's mining sector and the government has been involved in a number of disputes with foreign mining companies.
PT Newmont Nusa Tenggara, an Indonesian unit of Newmont Mining Corp., and the government went to arbitration over a dispute on divestment.
The two sides are still negotiating over price after the government ordered Newmont to sell 17 percent of its shares to the Indonesian government within six months.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idUSJAK48046320090707?sp=true)
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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 ...
Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years ...
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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- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
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- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- VISA Power Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
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- The Treasury - Australian Government
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- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
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- Economic Council, Georgia
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- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
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- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
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- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
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- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
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- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
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- White Energy Company Limited
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Coal and Oil Company - UAE
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- South Luzon Thermal Energy Corporation
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- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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- Sojitz Corporation - Japan
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- Port Waratah Coal Services - Australia
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- Bayan Resources Tbk. - Indonesia
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- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
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- Australian Coal Association
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- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
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- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
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- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
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- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
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- Mintek Dendrill Indonesia
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- Bharathi Cement Corporation - India
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- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
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- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
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- Global Business Power Corporation, Philippines
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- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
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- Jorong Barutama Greston.PT - Indonesia
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- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Siam City Cement PLC, Thailand
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