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Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
.jpg) The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brokers under control, after the unbridled fraud in the trading of the commodity claimed several foreign investors recently in Kalimantan and Sumatra.
Coal trader Edi Suhardi said the lax control in the industry had made foreign investors the easy targets of fraudsters.
"The government should guarantee legal certainty in the sector, otherwise the fraud cases will keep happening," said the Palangkaraya-based businessman over the weekend.
Recently, US global financial services firm Morgan Stanley was deceived by local partner PT Kerja Sama Tim Enterprise (KSTE), which defaulted on a US$3.9 million coal deal, causing the foreign investor losses of more than $1 million.
KSTE had been contracted to supply 50,000 tons of coal to Morgan Stanley through its branch office in Singapore. But the local partner only sent 16,000 tons in two shipments, with the second consignment falling short of the specifications detailed in the agreement.
A court in Banjarmasin, South Kalimantan, recently sentenced KSTE president director Zul Qamar to two years in prison for the crime.
"Zul Qamar received $1.9 million from Morgan Stanley Capital Group Inc., but the value of the coal shipped was less than $900,000," said prosecutor Ai Suniati.
Another major fraud case has seen US firm Glencore, a widely diversified commodities trading business, suffered losses of $2 million to a local company in Kalimantan last year.
Central Kalimantan coal trader Imam said the increase in global demand for coal had drawn illegal brokers into entering the lucrative business. "Many of them try to make as big a profit as possible by violating the regulations," he said.
"Their only capital is a bundle of documents, which they use to win over less-scrutinizing foreign investors."
Barnabas Irianto, a consultant for Australian company PT GMT Indonesia, which is involved in surveying and trading of coal in South Kalimantan, said the widespread fraud had also claimed local businesses as victims.
"These cases, however, of local sellers being cheated, aren't all that widely publicized," he said.
The case of PT Nusantara Thermal Coal (NTC), which had defrauded local investors in Bungo regency, Jambi, of $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
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- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- MS Steel International - UAE
- PTC India Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
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