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Monday, 25 January 10
INDONESIAN GOVERNMENT TO ISSUE REGULATION FOR IMPLEMENTATION OF MINERAL AND COAL MINING BUSINESS ACTIVITIES LAW NO.4 / 2009 SOON
 COALspot.com (Indonesia): The government regulation concerning implementation of mineral and coal mining business activities Law no.4 / 2009 is expecting to issue anytime in January / February 2010. The government will address coal benchmark price issues and share divestment issues in this upcoming regulation to attract more new investment in the mining sector. The government is planning also to issue 4 new regulations attached to the new mining and coal law in 2010.
SHARE DIVERSTMENT
Holders of IUP or IUPK whose 100% shares (hundred percent) are owned by foreigners, is obliged to divest at least 20% (twenty percent) their shares directly to the Government, local government, state enterprises, enterprises, or national private enterprise. A divestment shall be made not later than 90 (ninety) working days of the end of fifth year of production of mine. The Government, the regional governments, State-Owned Entities, and Region-owned Entities must submit their expression of interest within 60 (sixty) working days from the date of offer received.
If the Government and the Regional Governments are disinterested in the purchase of divested shares then, the shares shall be offered to national private entities within 30 (thirty) working days. Payment and delivery of the purchased shares by the Indonesian participants shall be made within 90 (ninety) working days of the date of expression of interest. If there is no party interested to buy offered shares within time frame then, divestment shall be made in the following year.
| "100% foreigners owned coal mines, are obliged to divest at least 20% of its shares to Indonesians end of 5th year of production" |
Ancillary provisions on share divestment shall be governed by Regulation of the Minister, which will be expecting to follow government regulation.
COAL BENCHMARK PRICE
The Minister of Energy and Mineral Resources, shall determine benchmark prices for coal. Any coal sale by IUP / IUPK holders, must obtain approval from the Minister prior to sales. Ancillary provisions on determination of benchmark coal prices shall be governed by separate ministerial regulation. IUP/IUPK holders also obligate to report to the Minister, the governors or the regents/mayors at least (1) once a month, accompanied by documents/conclusive proofs supporting their production and sales.
The report must includes selling prices, sales volume, quality of coal and supply point.
A benchmark steam (thermal) coal price shall be determined with reference to the average coal prices indexes published by internationally acknowledged institutions.
Benchmark coal prices shall be determined basis Free on Board (FOB) Mother vessel. If a delivery point of coal sale is not FOB Mother vessel, then coal prices must reflect benchmark price added with or deducted by adjustment of cost approved by the Minister. (cs)
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Friday, 04 December 09
CHINA'S COAL IMPORTS PREDICTED TO DECLINE IN 2010
China's eye-catching coal import figure s are unlikely to extend into 2010 given the predicted narrow-down of the coal price spread between the hom ...
Friday, 04 December 09
SUBHASH PROJECTS BEGINS MINING AT INDONESIAN COAL BLOCK
Kolkata-based infrastructure company Subhash Projects and Marketing (SPML) has begun mining at its coal block in Indonesia and will begin despatchin ...
Friday, 04 December 09
DRY BULK MARKET IS ON THE RISE AGAIN
Proving rather resilient, compared to previous behaviors, the dry bulk market has been on a rebound mode once again, after a two-week fall, which su ...
Friday, 04 December 09
INDONESIA'S BUMI EYES MARKETING DEAL FOR BERAU COAL
Reuters reported that, Indonesian coal miner PT Bumi Resources Tbk said on Thursday it is in talks to be the exclusive marketing agent for coal prod ...
Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
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- Billiton Holdings Pty Ltd - Australia
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- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
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- Siam City Cement PLC, Thailand
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- Africa Commodities Group - South Africa
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- Indonesian Coal Mining Association
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- Commonwealth Bank - Australia
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- Directorate General of MIneral and Coal - Indonesia
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- Renaissance Capital - South Africa
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- New Zealand Coal & Carbon
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- The University of Queensland
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- Orica Australia Pty. Ltd.
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- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
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- Larsen & Toubro Limited - India
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- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
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- Straits Asia Resources Limited - Singapore
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- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
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- Australian Commodity Traders Exchange
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- Kaltim Prima Coal - Indonesia
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- Medco Energi Mining Internasional
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- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Thai Mozambique Logistica
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Oldendorff Carriers - Singapore
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- White Energy Company Limited
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- Romanian Commodities Exchange
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- Global Business Power Corporation, Philippines
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- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
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- SMC Global Power, Philippines
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- PTC India Limited - India
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- Interocean Group of Companies - India
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- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
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- Merrill Lynch Commodities Europe
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- Indian Oil Corporation Limited
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- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
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- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
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- London Commodity Brokers - England
- Electricity Authority, New Zealand
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- Energy Link Ltd, New Zealand
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- Planning Commission, India
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- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
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