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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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Friday, 26 June 09
BAYAN TARGETS GROSS PROFIT TO RISE BY 86.2 PERCENT
Local coal producer publicly listed PT Bayan Resources is targeting this year's gross profit to rise by 86.2 percent on the back of higher sales vo ...
Thursday, 25 June 09
INDIA'S ULTRATECH BUYS 500,000T S.AFRICA COAL
Indian cement maker Ultratech has bought 10 handymax cargoes of South African coal at $73.00-$74.00 a tonne CIF for July-September delivery, Indian ...
Wednesday, 24 June 09
NTPC BURNS MORE COAL TO PRODUCE ELECTRICITY
A tonne of coal is the same as another tonne of coal, you might think.
But power major NTPC Ltd is finding that this year’s coal is not yie ...
Wednesday, 24 June 09
NTPC, COAL INDIA TO BUY MINING ASSETS OVERSEAS
State-owned utility National Thermal Power Corporation (NTPC) and the largest coal producer Coal India are in advanced stages of acquiring mining as ...
Tuesday, 23 June 09
NEWCASTLE WEEKLY COAL EXPORTS DECREASE 15%; SHIP QUEUE RISES
Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, fell 15 percent last week while the numb ...
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- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
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- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
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- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
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- Energy Development Corp, Philippines
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- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
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- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
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- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
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- Power Finance Corporation Ltd., India
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- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Australian Coal Association
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
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- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
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- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
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- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
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- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
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- Parliament of New Zealand
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- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
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- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
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- Alfred C Toepfer International GmbH - Germany
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- Meenaskhi Energy Private Limited - India
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- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Planning Commission, India
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- Wilmar Investment Holdings
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- The Treasury - Australian Government
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- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- The University of Queensland
- Deloitte Consulting - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
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