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Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
 PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the government over its ore-export ban policy, which the company claims has cost it dearly, as quoted by The Jakarta post, one of the leading English news papers in Indoneisa.
The Jakarta post further reported, the firm had filed the arbitration with the Washington-based International Center for the Settlement of Investment Disputes (ICSID), requesting an interim solution to allow NNT to resume exporting copper concentrate so that its Batu Hijau mine could resume operations, it said in a press statement on Tuesday.
The ore-export ban, which became effective on Jan. 12, had halted NNT’s Batu Hijau production and violated both the contract of work (CoW) between the company, in which Dutch firm Nusa Tenggara Partnership BV has a major shareholding, and the government, as well as a bilateral treaty between Indonesia and the Netherlands, said the company, JP said.
“Despite our best efforts over the last six months to resolve the export issues through good faith commitments to supporting the government’s policy, NNT has been unable to convince the government that our CoW should guide resolution of our differences,” said NNT president director Martiono Hadianto in a statement, Quoted by the Jakarta post.
Energy and Mineral Resources Ministry director general for minerals and coal R. Sukhyar said that the government would first examine details of the filing before taking any measures.
“We regret the firm’s decision […] We believe that everything can actually be settled,” he said.
“This situation will put a stop to our renegotiation process with the firm for some time,” he added.
As reported by The Jakarta post, Sukhyar said that NNT had previously conveyed its disappointment with the government’s ore-export ban and had declared force majeure despite intense discussion about the policy.
The ore-export ban requires mining firms in the country to export only processed minerals in a bid to develop the country’s downstream industry and provide added-value for exported mineral products.
The government has relaxed the regulations by allowing mining firms to continue exporting their mineral concentrates until 2017, when they will all be required to fully process their mineral products either in jointly owned smelters or in their own smelters.
During the interim period before 2017, the government has decided to impose progressive export duties ranging from 25 percent this year to 60 percent in 2016.
NNT previously said it would pay US$25 million to the government as a guarantee, known as a surety bond, of its commitment to build a smelter in the country in return for an export permit for its current semi-finished mineral with 95 percent copper concentrate.
Sukhyar said, however, that Newmont’s commitment to paying the bond had not yet materialized. Meanwhile, PT Freeport Indonesia which is the local arm of US-based mining giant Freeport McMoRan Gold & Copper Inc., has recently deposited $115 million in a surety bond, he said.
Sukhyar said, however, that his ministry had yet to grant an export permit to Freeport. “We will first continue our negotiations with Freeport on getting a memorandum of understanding [MoU] on issues such as royalty payments and contract extension. When that’s done, we will move on to the export permit,” he said.
According to The Jakarta Post, In addition to the Energy Ministry, Coordinating Economic Minister Chairul Tanjung has also repeatedly announced that the government was working on an MoU that would be legally binding on the next government.
One of the points in the MoU was a guarantee for Freeport, which operates the world’s second-largest copper mine and the world’s largest gold reserves in remote Papua, to extend its operation after its contract expires in 2021.
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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- The University of Queensland
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
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