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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 $115 million in a surety bond, he said.
Sukhyar said, however, that his ministry had yet to grant an export permit to Freeport. “We will first continue our negotiations with Freeport on getting a memorandum of understanding [MoU] on issues such as royalty payments and contract extension. When that’s done, we will move on to the export permit,” he said.
According to The Jakarta Post, In addition to the Energy Ministry, Coordinating Economic Minister Chairul Tanjung has also repeatedly announced that the government was working on an MoU that would be legally binding on the next government.
One of the points in the MoU was a guarantee for Freeport, which operates the world’s second-largest copper mine and the world’s largest gold reserves in remote Papua, to extend its operation after its contract expires in 2021.
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Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
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- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Australian Coal Association
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
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