JAKARTA, Jun 06, 2007 (Dow Jones Commodities News via
Comtex)
bla bla ....
Tambunan is in charge of drafting contracts for mining
investments
bla bla ...
Tuesday, Simon Sembiring, director general of coal and
mineral resources at the Ministry of Energy and
Mineral Resources, was quoted in a Bloomberg report as
saying the new mining laws may include provisions to
rescind existing mining leases but Tambunan said such
a move is unlikely as both the company and the
Indonesian government are bound by contract terms.
"We can't just take away concessions (from mining
companies). Once a contract has been signed, all
parties have to abide by the terms," said Tambunan.
Concessions may only be revoked if mining companies
fail to abide by the contract terms, for instance, by
exceeding production quotas set in the company's
contract, he added.
...
--- Daniel Wong <[EMAIL PROTECTED]> wrote:
> Indonesia May Take Back Parts of Coal, Metal Areas
> (Update4)
>
>
>
> By Leony Aurora
>
>
>
> June 5 (Bloomberg) -- Indonesia, the world's biggest
> exporter of power
> station coal and second-largest tin producer, may
> rescind parts of mining
> concessions to secure ``national reserves'' for
> future generations. Mining
> shares fell.
>
>
>
> Companies such as Freeport-McMoRan Copper & Gold
> Inc. and PT International
> Nickel Indonesia may lose untapped deposits of
> copper, nickel, bauxite and
> iron ore, Simon Sembiring, director general of coal
> and mineral resources at
> the energy ministry, said in an interview yesterday.
>
>
>
>
> Seizing mining concessions may deter foreign
> investment in Indonesia, which
> has lagged behind other mineral-rich countries as
> global commodity prices
> have soared. Legislation now being debated in
> parliament may include
> provisions to take back part of existing mining
> leases, Sembiring said.
>
>
>
> ``If the government takes back part of areas already
> awarded to miners,
> where's the legal certainty?'' said Christine Salim,
> an analyst at PT Samuel
> Sekuritas Indonesia in Jakarta. ``Investors will be
> concerned.''
>
>
>
> The 10-member Jakarta Mining Index was 3.3 percent
> lower at the close in
> Jakarta, compared with a 0.9 percent decline in the
> Jakarta Composite Index.
>
>
>
>
> Shares in International Nickel Indonesia fell 2.7
> percent to 53,300 rupiah.
> PT Aneka Tambang, Indonesia's second-largest nickel
> mining company, dropped
> 7.5 percent to 12,400 rupiah, while PT Timah,
> Indonesia's largest tin
> producer, plunged 6.1 percent to 10,700 rupiah.
>
>
>
> Mining companies spent only $7 million exploring for
> new deposits outside
> existing mines in Indonesia in 2005, unchanged for
> five years, according to
> PricewaterhouseCoopers.
>
>
>
> Investment
>
>
>
> Indonesia is trying to win $22 billion in investment
> a year to power
> Southeast Asia's largest economy, rich in coal,
> copper and nickel. The
> country has 61.3 billion metric tons of coal
> resources with mineable
> reserves estimated at 6.7 billion tons, according to
> data from the ministry.
>
>
>
>
> The government may take part of concessions if
> mining companies don't have
> clear development plans, which they must follow,
> Sembiring said. The
> government may set up an agency or appoint a state
> company to dig metals and
> coal from the areas, he said.
>
>
>
> ``If the area has good data, we may take'' part of
> it, Sembiring said after
> speaking at the 13th Coaltrans Asia conference in
> Bali. ``It's in the
> interest of the state. We must support this at all
> costs.''
>
>
>
> ``We have to conserve our reserves,'' Sembiring
> said. ``It makes no sense to
> just produce as much as we can.'' He said areas
> where the government has
> sufficient data on mineral deposits may be
> designated ``national reserves.''
>
>
>
>
> No Discussions
>
>
>
> ``The government hasn't discussed this with us,''
> said Sri Kuncoro, director
> of corporate relations at International Nickel, 60
> percent owned by Rio de
> Janeiro-based Cia. Vale do Rio Doce. ``We'll wait
> until the government
> informs us on the policy'' before responding, she
> said.
>
>
>
> Phoenix-based Freeport's Grasberg mine in Indonesia
> is the world's
> second-biggest copper and gold mine. It accounted
> for 3.6 percent of world
> copper production last year.
>
>
>
> The company has 202,000 hectares (500,000 acres) of
> exploration area and
> 10,000 hectares of production area in Indonesia,
> said Mindo Pangaribuan, a
> spokesman for Freeport Indonesia. He declined to
> comment on the government's
> plan.
>
>
>
> Newmont Mining Corp., the world's second-biggest
> gold producer, operates the
> $3.6 billion copper-gold mine in Batu Hijau, West
> Sumbawa province, which
> will be mined until 2030. The company also has a
> copper deposit at Elang, 60
> kilometers (38 miles) from Batu Hijau, which it may
> develop.
>
>
>
> Rio Tinto Group, the world's third-largest mining
> company, is planning a $2
> billion nickel project in Indonesia's Sulawesi
> island. The government is
> discussing tax payments for the project, Sembiring
> said.
>
>
>
> To contact the reporter on this story: Leony Aurora
> in Nusa Dua, Bali, at
> [EMAIL PROTECTED]
>
> Last Updated: June 5, 2007 08:43 EDT
>
>
>
>
>
>
>
>
>
>
>
>
>
>
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