Category: Commodities

Major Gold Mines: Acquisitions to Watch (1)

Some major banks have reportedly expressed their interest to provide financing to INALUM, holding company for state miners, for the acquisition of PT Freeport Indonesia, which operates the largest gold and copper mine in Indonesia. Freeport, however, is only one of targets of acquisitions. We were informed about ongoing discussions about three other gold mines in the country.

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Freeport, Finally?

President Joko ‘Jokowi’ Widodo claimed that PT INALUM, the holding company for state miners, has succeeded in acquiring shares of PT Freeport Indonesia so that Indonesia controls 51% shares in Grasberg, one of the world’s largest gold and copper mines. Rio Tinto Ltd, whose interest will be taken over by INALUM, however, said it has only signed a non-binding agreement. 

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Antam & The Auction of Mining Areas

Bisnis Indonesia newspaper quoted Arie Prabowo Ariotedjo, CEO of PT Aneka Tambang Tbk (ANTM), today that the company will on July 16 make final decision on mining blocks, including five nickel concessions relinquished by PT Vale Indonesia Tbk (INCO), offered by the government. 

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Wilmar’s Bet in Indonesian Rice Business (2)

Rice, staple food of Indonesians, is a very big business. With annual consumption above 30 million tons, at the current price of around US$451 per ton, rice is a US$13 billion business. Confirming our earlier reports, SGX-listed Wilmar International Ltd has stepped up its investments in the industry. 

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Nickel: Surprise Move from Hanking

China Hanking Holdings Limited, a company listed on the Stock Exchange of Hong Kong (HKSE), has decided to sell its nickel assets in Indonesia to Tuochuan Capital Limited, a company controlled by Mr Yang Jiye, who is also substantial shareholder of China Hanking. Proceeds from the sale will be used to develop gold mining in Australia.

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Coal Journal

Unlike metals and agriculture products, which were hit by escalating global trade wars, thermal coal remained firm at US$113.18 per ton Wednesday (Jul 5) to represent year-on-year gain of 38.5%. The government of Indonesia, meanwhile, set reference price of thermal coal for July at new record of US$104.65 per ton, the highest level this year.

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Freeport Negotiation: Beyond Valuation

Minister of energy and mineral resources Ignasius Jonan has reportedly met Freeport McMoRan CEO Richard Adkerson at Four Seasons Hotel, Washington DC on Monday (Jun 25) to sort out issues surrounding Freeport Indonesia’s divestments, development of new copper smelter, and the future of Grasberg mine’s operations.

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Agritrade Resources, What’s Next?

HKSE-listed Agritrade Resources Ltd, a growing coal producer with assets in Kalimantan, Indonesia, booked net profit of HK$424.5 million for the financial year ended March 31, 2018, nearly doubled from the previous financial year, thanks to higher coal sales volume and prices. What’s next?

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Central Omega & The Missed Opportunity

Nickel retreated to US$14,704 per ton yesterday, but the commodity has been traded around US$14,000 per ton in the past five months or so, significantly higher than the first half of 2017 (around US$9,500 per ton). Unfortunately that Central Omega (DKFT) missed the opportunity with zero sales recorded in the first quarter of 2018.

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Targeting Newcrest’s Gosowong Gold Mine (4)

Gosowong gold mine in Halmahera Island, North Maluku province, is one of the largest in the country. The future of the joint venture (PT Nusa Halmahera Minerals)—-Newcrest Mining Limited and Aneka Tambang (ANTM)—- operating the gold mine is clearer now following amendment of the Contract of Work (CoW).

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