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Wednesday, 15 January 14
INDONESIAN MINING LAW AVERTS BOP PRESSURE, RISKS REMAIN, FITCH SAYS
 The last-minute intervention at the weekend by Indonesia's politicians to avert a significant disruption of mining activity and exports, should limit any further stress on the sovereign rating for now, says Fitch Ratings.
Indonesia has implemented a new mining law which aims to raise the value-added nature of mining sector activity by limiting exports of certain raw, unrefined products. This comes at a time when the Indonesian rupiah has fallen nearly 22% from a year ago amid concerns over external financing needs and the onset of Fed tapering.
A key near-term uncertainty surrounding the country's external payments position has been lifted. However, medium-term risks remain, as the manner and the late-stage at which the underlying issues were addressed does little for long-term investor sentiment.
The presidential regulation comes at a particularly sensitive time, as an outright ban on mineral exports without the granted exemptions could have weighed on Indonesia's external balance - which has emerged as a point of vulnerability for the sovereign's overall credit profile (BBB-/Stable). This is evident from its gross external funding requirement which is expected at 50% of reserves in 2014, and which is more stretched than the 36% for 'BBB-' peers.
A broad-based ban on exports would not have only damaged international investors' perceptions of doing business in Indonesia, but also slowed mining output and weighed on overall economic activity.
Indonesia's current account (CA) deficit seems to be improving as the trade balance has moved into surplus recently, but the process remains slow and vulnerable to external shocks. We project the CA deficit at 3.1% for 2014 versus 3.6% estimated in 2013. Tighter monetary policies have been implemented in the second half of 2013 to lower credit growth and rein in aggregate demand.
This policy adjustment, coupled with greater currency flexibility, is helping to bring about a trade balance adjustment and a gradual rebuilding of foreign-currency reserves - which have risen to USD99.4bn by end-December 2013 from a low of USD92.7 in July 2013. Reserves will be further boosted in January by the sovereign's USD4bn debt issue. These are credit supportive developments, but they remain at an early stage and could have been pressured by a sudden stoppage of mining exports.
Mineral exports will still face some impediments. These now have to meet certain levels of "purity", and cannot be exported in their raw or entirely unprocessed form. Precise details of exemptions remain unclear, but mineral exports will now be subject to a 20% tax even after they meet the "purity" level. In addition, the export tax is set to rise much higher in 2016, to 60%, to get producers to raise the refining (processed) content to much higher levels by 2017.
The Indonesian authorities continue to pursue the longer-term objective of raising the domestic value-added content in mining activity. But the speed and manner in which these measures have been introduced and communicated to industry and market participants have often raised uncertainties over production, exports, and the broader economy. It is far from clear if the recent, last-minute, intervention does much to reassure long-term investor sentiment, says Fitch.
Fitch expects that, the export restrictions to maintain upward pressure on bauxite and nickel prices, as Indonesia has been one of the biggest sources of new nickel supplies over the last few years. There are exemptions for miners that have pledged to build smelting and refining facilities, while the restrictions still will affect smaller, unregulated miners. These miners account for a significant portion of bauxite and nickel ore output, and the government has been keen to crack down on them because of concerns they are wasting resources by recovering only the highest-grade ores.
The overall impact on prices may be dampened or delayed by stockpiling in China, which has at least six months' supply of ore.
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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
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