Jokowi, Papua & Freeport (2)
Minister of energy and mineral resources Ignasius Jonan met leaders of Papua in Jakarta Monday (Feb 27) to discuss various issues surrounding PT Freeport Indonesia. Mimika Regent Eltinus Omaleng revealed that Jonan promised portion of shares in PT Freeport Indonesia to local government and community in Papua.
Coal Journal No. 8/2017: Small Players to Watch
Thermal coal ended slightly lower by 0.37% to US$79.8 per ton last Friday. While this represented 4.66% month-on-month, the commodity gained 52% year-on-year. The current level is good enough for some small players to boost production and sales. HKEX-listed Agritrade Resources Ltd, which operates some coal mines in Indonesia, for example, will see additional production capacity of 1.2 million tons per annum from the newly acquired mine.
United Tractors: FY16 Results & Outlook
United Tractors (UNTR), market leader in construction machinery business, sold 2181 units of Komatsu machinery last year, increased slightly by 2.7% from 2015, thanks to strong demand from construction industry and improved demand from mining sector in the second half of 2016.
Sinarmas Group in 2016 (1): Golden Agri
Golden Agri-Resources Ltd, controlled by Sinarmas Group, ended flat at S$0.4 Friday (Feb 24). The Company reported sales revenues of US$7.21 billion last year, an increase of 10.7% from 2015, making it one of the largest companies with sales revenues in the region.
Possible End of Freeport in Grasberg (5)
Shares of Freeport McMoRan (FCX) seemed to rebound after days of corrections in New York last night only to see further correction by 1.82% at closing as peers also lost ground. That means the Company has lost 19% its value since January 1st. Of course the current price still representing 193% gain from its bottom early last year, thanks to improvements in crude oil and copper prices. Uncertainties surround subsidiary PT Freeport Indonesia, however, might cut further its prospect.
Vale Indonesia: FY16 Results & Outlook
Shares of Vale Indonesia (INCO) ended lower by 3% to Rp2590 Thursday (Feb 23) as investors responded to full year 2016 results and likely outlook of nickel. The Company booked net profit of US$1.9 million last year, collapsed 92.6% from 2015, due to 22% fall in average selling price of nickel to US$7,396 per ton.
Indo Tambangraya: FY16 Results & Outlook
Indo Tambangraya Megah (ITMG), coal producer controlled by Banpu Plc, booked net profit of US$130.7 million last year, jumped by 107% from 2015, thanks to strong performance in the fourth quarter, which was lifted by substantial increase of thermal coal price.
Possible End of Freeport in Grasberg (4)
Shares of Freeport McMoRan (FCX) dropped further by 2.83% to US$13.73 in New York last night with almost 37 million shares exchanged hands. Slight correction of copper and gold might have affected the mood, but status of its operation in Grasberg, Papua was still a main concern for investors. In Jakarta, economic ministers gathered to discuss measures to implement even stricter Law No. 04/2009, which, according to Freeport, caused them a lot.
Gulf Manganese vs Marthen Amtiran
ASX-listed Gulf Manganese Corporation Ltd announced on Monday that it has terminated the binding agreement with Marthen Amtiran to invest US$10 million for 10% equity in PT Gulf Mangan Group, which plans to develop manganese smelter in Kupang, East Nusa Tenggara. When we first wrote the issue in August 2016, we have reserved some doubts in the story.
Possible End of Freeport in Grasberg (3)
Shares of Freeport McMoRan (FCX), controlling shareholder of PT Freeport Indonesia, ended lower by 5.23% in New York Tuesday (Feb 21) with over 66 million shares exchanged hands. Uncertainty surrounding Grasberg mine, Freeport’s most profitable mine under management, contributed to the correction because copper prices actually gained 3% that day.