Indonesian coal miner Bayan Resources Tbk has signed a deal with India’s Universal Crescent Power Private Ltd to supply 100 million tonnes of coal over 15 years from 2015, the firm’s chief financial officer said on Friday. “It’s an index linked contract based on the Newcastle index (and) is fully compliant with the minimum pricing regulation,” Alastair McLeod told Reuters. “It’s not a fixed price contract, and so it will vary every month on delivery of the contract.”
Indonesia Mining News
State-run Petrovietnam has awarded two contracts worth a combined $1.2 billion to two subsidiaries to build a 1,200-megawatt, coal-fired power plant, which will boost its thermal coal imports from Indonesia and Australia, the government said. Vietnam has also licensed Malaysia's Jaks Resources Berhad to invest $2.25 billion to build a coal-fired power plant in northern Vietnam, using
Unrest and strikes in Indonesia, Chile, Australia and Africa, a shortage of skilled workers in North America and rising labour costs all over the globe are quickly becoming the most serious downsides of a mining boom that started almost a decade ago. While a historically high overall jobless rate is masking spiking wages in the resources sector in the US, workers in emerging markets are shutting down operations of mining companies deemed not to be sharing record profits fairly.
Copper prices fell on Wednesday after China raised interest rates and Portugal’s debt joined the junk ranks but the longer term outlook for the metal remains murky. Arguments on both sides make sense: Bulls point to labour unrest at Freeport and Codelco and the vagueries of weather while the more bearish highlight Japanese smelter outages and Chinese destocking.
According to reports more than 7,000 workers from Freeport McMoRan's massive gold and copper mine in Indonesia's western Papua region started a week-long strike on Monday to demand better wages. The Grasberg mine is the richest gold and third largest copper mine in the world and and the US company's local subsidiary is the largest single taxpayer to the Indonesian government.
FOR some, the Bre-X gold fraud scandal of the 1990s wasn't all bad. Before the addition of scrapings of gold jewellery to assays from the Canadian company's Indonesian deposit was uncovered, the alleged high-grade drill results sent scores of geologists trudging over the country in search of similar deposits.
A source from Ministry of Finance said that the agency is drafting an export tariff frame on coal, accordingly the expected tariff may be raised to 20 percent instead of current 15 percent. This is seen as one of measures to control and curb export of material coal while the resource is running out.
Newmont (NEM), the U.S. mining group, is under investigation in Jakarta, where antigraft authorities said they are reviewing claims the group may have breached rules on the foreign ownership of mining assets.
Centurion Minerals announced that two diamond drill rigs have been secured to test multiple priority targets that the Company has identified on its epithermal gold and porphyry copper-gold prospects in Aceh, Indonesia. The first diamond drill rig is currently being mobilized and will be used to complete a minimum 2,000 metre drill program on the Company's Badak property.
Indonesian gold miner Newmont Nusa Tenggara’s long-delayed initial public offering is not likely to happen this year as the problematic divestment process has prompted the company to re-evaluate the terms of the IPO. NNT’s management had planned to hold the IPO in the second half of this year, selling a 10 percent stake to the public in a bid to raise $500 million as it expected the delayed divestment process would be completed by mid-April.
The Financial Chronicle reports on Tuesday Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian government attempts to benchmark its coal prices to international indices. The new method that will come into effect from September attempts to link the royalties paid to the Indonesian government to an index of coal prices for Australian and South African coal in addition to others, a move that could lead to higher prices.
Indonesian coal giant Adaro Energy expects 2011 coal production up 5 million tons from last year to 46-48 million tons and then to nearly 50 million in 2012, while Bayan Resources is aiming to more than double its output to 25 million tonnes by 2013. Indonesia is expected to make up 39% of the global increase in coal exports, with Adaro and top miner Bumi Resources becoming two of the top three exporters by 2015. Australia will follow closely behind in terms of growth. India will surpass Japan as the leading buyer of Indonesian coal this year, the country’s coal association told Reuters, and India’s demand will continue to surge as electricity demand is expected to rise 56% by 2017.
Eyeing potential for high-grade gold tonnage, Canada's Southern Arc reports on another swelling gold-silver mineralized vein in Indonesia. A zinger of a drilling result - wide with high-grade gold mineralization - propped up Southern Arc Minerals' theory that the Pelangan target on its West Lombok property in Indonesia may hold other bonanza-grade ore shoots.
Indonesia will audit over 8,000 existing mining permits to make sure they are in line with mining and environmental laws, the country's finance minister said on Monday, days after the country passed new regulations on environmental protection. President Susilo Bambang Yudhoyono last week signed a two-year moratorium on permits for logging and another decree allowing underground mining in protected forests if conditions such as an environmental assessment had been met.
Amid growing interest in bullion as a hedge against the dollar and inflation and a renewed rally in gold and precious metals prices, Christian Science Monitor, documents gold’s journey around the globe in a fascinating and extensive photo-essay.
Siemens Industry last week received its biggest mobile mining order from Hitachi Construction Truck Machinery (HCTM) to provide 50 additional EH4500 trucks equipped with Siemens’ unique AC-drive technology to Indonesia-based Kaltim Prima Coal (KPC), who already […]
The Indonesian government said on Sunday that state investment agency Pusat Investasi Pemerintah (PIP) would buy a 7 percent stake in Newmont Mining Corp's Indonesian unit, paving the way for an initial public offering for the unit in coming months.
Hundreds of Grasberg employees protested in front of the PT Freeport Indonesia offices for two days, refusing to go to work until their employer could guarantee their safety.
Gunmen killed two workers on Thursday at Freeport-McMoran Copper & Gold Inc's giant gold mine in Indonesia's Papua, a province with a simmering separatist movement. A Freeport company spokesman said the shooting by unidentified gunmen, which left the car the two workers were in a blazing wreck, did not affect production at the world's largest gold mine.
FLSmidth has today signed a contract in Jakarta worth in excess of USD 135m (DKK 700m) with PT Adaro Indonesia, a subsidiary of PT Adaro Energy Tbk., to supply material handling equipment to its coal mine in the Tanjung district of South Kalimantan, some 1000 km from the Indonesian capital, Jakarta. The material handling equipment will be part of Adaro's expansion of its mining operations and will decrease the average hauling distance of the overburden trucking operations as well as reduce the company's dependency on oil. The contract comprises an out-of-pit overburden crushing and conveying system, consisting of FLSmidth ABON sizers, RAHCO overland conveyors, and RAHCO mobile stacking conveyors. The system has a capacity of 12,000 tonnes per hour and an annual overburden volume of 40 million bank cubic metres. The contractual elements regarding construction, supervision and management, as well as field service, will be supplied by FLSmidth Indonesia.
A landslide Saturday near Freeport McMorran's Grasberg mine left thousands of workers stranded, but was not expected to impact operations at the world's largest copper mine, a company spokesperson told Reuters: A weekend landslide buried a key road access tunnel to Freeport-McMoRan Copper & Gold Inc's Grasberg mine in Papua, Indonesia, leaving thousands of workers stranded, but a company spokesman said operations were continuing as normal. Freeport is the world's largest publicly traded copper miner, while Grasberg has the world's largest recoverable reserves of copper and the largest gold reserves.
Indonesia's chief economic minister said a group of Russian investors plan to invest $3bn in a nickel smelter on Halmahera island with groundbreaking expected to start in the first half of 2011.
The spot price of copper jumped to $4.40 on December 31, exceeding previous highs set daily over the past week. Today we discuss copper’s meteoric price rise during the past five months, dissect current supply […]
The global tin market is generally driven by producers in Indonesia, China and Peru. The production of the silverly, malleable metal – used for things like steel-plating – has been in decline in these markets, in part because poor weather has challenged operating conditions and undermined transport.
Heavy rains that constrained production at Bangka island have eased, allowing normal tin output to be restored. Production expected to fall this year due to fall in investment and dwindling resources. Tin output in Indonesia's main tin producing area