Category: Commodities

Anticipated Actions of Pertamina

Minister of state-owned enterprises Rini M Soemarno has on June 29, 2018 approved proposals from the board of directors of state oil and gas company Pertamina to conduct some corporate actions in a bid to maintain a healthy financial status. Some of them will open opportunities for strategic investors in both upstream and downstream sides of Pertamina’s business.

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Support for Coal

In contrast to crude oil, which fell significantly in the past few trading days, thermal coal advanced further to US$116.13 per ton Tuesday (Jul 17), thanks to relatively strong demand from Asian countries and difficulties of miners in China to lift their output. 

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Major Gold Mines: Acquisitions to Watch (3)

Average gold price recorded in 2011 was US$1,681 per ounce. The price, however, steadily declined to US$1,410 in 2013 and US$1,243 this time around. The last quoted price is about the same with average price in the first half of 2014 recorded by one gold mine located in North Sulawesi province.

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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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