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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 $115 million in a surety bond, he said.
Sukhyar said, however, that his ministry had yet to grant an export permit to Freeport. “We will first continue our negotiations with Freeport on getting a memorandum of understanding [MoU] on issues such as royalty payments and contract extension. When that’s done, we will move on to the export permit,” he said.
According to The Jakarta Post, In addition to the Energy Ministry, Coordinating Economic Minister Chairul Tanjung has also repeatedly announced that the government was working on an MoU that would be legally binding on the next government.
One of the points in the MoU was a guarantee for Freeport, which operates the world’s second-largest copper mine and the world’s largest gold reserves in remote Papua, to extend its operation after its contract expires in 2021.
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Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
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