Category: Commodities

Nickel Journal

Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said he had agreed the divestment price value for 14% shares of Nickel producer Vale Indonesia (INCO) at around Rp3,000 per share, below current market price or a discount price. INCO was traded at Rp3,690 on Friday last week (February 16), dropped 7.75%, to make market capitalization of Rp36.67 trillion. 

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KPPU Investigation on Hardaya Inti Plantations

The Business Competition Supervisory Commission (KPPU) under new leadership finally held its first Commission Council Session this week. The case examined in the trial was an alleged violation related to the Implementation of the Partnership between PT Hardaya Inti Plantations (PT HIP) and the Amanah Plasma Farming Cooperative Union (Koptan Amanah). PT HIP is part of the Hardaya Inti or Central Cipta Murdaya (CCM) Group, controlled by Murdaya Poo and Siti Hartati Murdaya.

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KPK Supervision in the Mineral and Coal Sector

At the beginning of this week, the Ministry of Energy and Mineral Resources announced the auction winners for a number of WIUP Blocks. This is the result of two rounds of auctions held since last year. Interestingly, as soon as the announcement was made, the Corruption Eradication Commission (KPK) immediately highlighted the process.

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Why Jokowi’s Team (Prabowo-Gibran) getting emotional on LFP vs nickel? (3)

So, coordinating minister for the economy Airlangga Hartarto, who is chairman of Golkar Party, has become the first owner of Chery Omoda E5 in Indonesia. Airlangga, main supporter of Prabowo-Gibran, stated that the EV uses nickel-based battery. Zeng Shuo, assistant vice president of PT Chery Sales Indonesia, distributor of Omoda E5, however, dismissed Airlangga’s claim saying the EV uses LFP battery instead.

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Corruption on Tin Trading System

The Attorney General’s Office (AGO) has been investigating allegations of corruption related to the tin trading system carried out in the Mining Business License (IUP) area owned by PT Timah Tbk (TINS) since October last year. Far from media coverage, last week, the institution announced it had expanded its investigation and named a suspect in the alleged obstruction of justice. This week, the AGO finally announced that it had named two suspects in the predicate crime, one of whom is a relative to the initial suspect. This case allegedly involves at least five tin processing companies in the area.

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Oil & Gas Journal

WTI crude futures fell further toward US$72 per barrel on Friday and are on track for an over 6% weekly drop due to fading expectations of immediate interest rate cuts in the largest global economy, influenced by U.S. jobs data, Tradingeconomics.com reported. Indonesia, meanwhile, is set to record highest investment commitment in the past seven years. 

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Thohir talks about green energy, sugar-to-ethanol is the solution?

Erick Thohir, minister of state-owned enterprises, who formally has joined the campaign of Prabowo-Gibran, talked a lot about green energy and greenflation recently. On Saturday, Feb 3, Thohir, whose brother Boy Thohir generates most wealth from thermal coal, said one of the solutions to boost Indonesia’s energy sufficiency is by developing ethanol from sugar. Seriously?

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Nickel Journal

Shares of nickel producers listed on the Indonesia Stock Exchange (IDX) mostly closed in red on Monday (Jan 29) as nickel moved in narrow range on the London Metal Exchange (LME). Nickel was settled at US$16,538 per ton on LME Monday, representing 42.32% fall year-on-year due to significant increase in supply from Indonesia. In the short-medium term, the commodity might not be able to gain much because more new capacities will enter commercial operation this year.

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