Indonesian lawmakers pass new mining law
Indonesian lawmakers passed a new mining law Tuesday that will give the mineral-rich nation greater control over its resources, though analysts warn it could deter investment by multinational corporations. Indonesia has some of the most abundant reserves of coal, copper, gold, tin and nickel and in the world has lured mining giants like Newmont Mining Corporation, Freeport-McMoran Copper & Gold...
Kalimantan Gold Corporation Limited Coal Momentum
Kalimantan Gold Corporation Limited report further exploration progress on its promising coal prospects in East Kalimantan. Latest highlights include: - Further evidence of significant coal occurrences at Mandul Island - High calorie coal showings at two other concessions - Four more coal concessions added to the Option Agreement signed in April 2008 - The Option period is extended by three months...
Indonesia’s Bukit Asam sees its coal prices rising
Indonesian state coal miner PT Bukit Asam Tbk expects its coal export prices to rise by at least 45 percent this year, in line with rising global prices and strong demand, a company official said on Thursday. Bukit Asam — the smallest of Indonesia’s three listed coal miners — sold coal in the overseas market at an average $47.5 a tonne in 2007, Nurtimah Tobing, Bukit Asam’s...
Indonesia’s Timah plans to acquire three coal mines
Indonesia’s PT Timah Tbk , the world’s largest integrated tin miner, plans to acquire three coal mines with total reserves of 50 million tonnes, a senior company official said on Monday. Timah has a mine in South Kalimantan which produces up to 1.4 million tonnes of coal a year, but the firm has been looking for new mines because of depleting reserves. The company is aiming to sell 1.8...
India’s NTPC eyeing stakes in Indonesia coal mines
State-run NTPC Ltd , India’s top power producer, is looking to buy majority stakes in Indonesian coal mines with reserves of up to 300 million tonnes to secure supplies and manage costs, its chairman said on Monday. Another government company, Power Trading Corp , also announced plans to buy coal mines in Indonesia, following the footsteps of private firms Tata Power and Reliance Power , which...
Indonesia: Mining amendment may attract investment
A new arrangement in the mining bill which limits land for mining use may not spook potential mining investors, as long as the government provides legal certainty for the future of operations, an association says. Indonesian Mining Association (IMA) executive director Priyo Pribadi Soemarno told The Jakarta Post on Monday that investors should not see the arrangement as a problem because it was just...
China Coal studying investments in Australia, Indonesia
China Coal Energy, the country’s No. 2 coal producer, is exploring investments in Australia and Indonesia while it doubles spending to ramp up production and feed the world’s largest coal market. China Coal, the country’s largest coal producer after Shenhua Energy, also expected to export about as much of the hydrocarbon this year as it did in 2007, or 18.9 million tonnes, executives...
Indonesia plans to limit mining areas
Indonesia plans to limit the area that metal and coal miners can explore to prevent domination by a few companies, a legislator said on Monday, a move analysts said could hurt already poor levels of investment. Indonesia has some of the world’s largest deposits of coal, copper, tin, nickel and gold, and is keen to earn more from the sector, particularly as strong demand from China and India is...
Asia grappling with rising inflation, weaker exports as oil soars and dollar plunges
Asia faces the threat of higher inflation, slower growth and tougher times for exporters after oil prices hit new highs and the dollar plunged last week. Farmers, miners and oil companies could benefit from high commodity prices. But most of Asia is dependent on imported energy and raw materials, and even some oil-exporting countries such as Malaysia have other industries that could suffer. “We...
Coal India lines up Rs 20,000 crore for expansion plans
PUBLIC SECTOR coal giant Coal India Limited (CIL) is foraying into the power generation space and plans to invest over Rs 20,000 crore for the development and acquisition of new and existing coal mines over the next 5 years. CIL plans to ramp up coal production to a level of 521 million tonne by 2012 from the current level of 361 million tonne through a mix of re-development and acquisition initiatives...
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