Metals & Production Cut Measures
News about plan from mining giant Vale SA to close its nickel smelting and refining operations in Manitoba, Canada in 2018 failed to prevent nickel from falling to its new low at US$8885 per ton in London Metal Exchange (LME) yesterday as short-term supply glut and softer demand from China dominated market sentiments.
Palm Oil: Persistent Oversupply
Crude palm oil (CPO) left its bottom at US$490 in Rotterdam few months ago and rallied to US$600 per ton, but has retreated to US$540 per ton (CIF) in the past few weeks to tracking crude oil, which hovers around US$40 per barrel. Crude oil, however, is not the only pressuring factor.
Updates on The 35000 MW Program
President Joko ‘Jokowi’ Widodo claims that number of licenses needed to build power plant has been significantly reduced from 69 to 22, but demanded further reductions to accelerate the 35,000 MW program. The program, he said, is a must to lure investments. Where are we now when it comes to implementation of the program?
‘Gang War’ in Oil & Gas
“Take this as a soap opera, gang war. When they want peace, they will. When they need to fight, they do…This is good so that it is transparent and clear,” said Rizal Ramli, coordinating maritime and resource affairs minister, about the unverified letter from Setya Novanto (House Speaker) blackmailing state-owned oil and gas company Pertamina.
In GOLD They Trust (Updates)
Gold prices remain under pressure, closed at US$1068 per ounce on Nymex Tuesday (Nov 17). There are, however, lots of actions in gold and copper industry here. Other than the US$850 million acquisition of Martabe gold-silver mine in North Sumatra and talks surrounding Freeport Indonesia or Newmont Nusa Tenggara, state-owned mining company Aneka Tambang (ANTM) has this week entered into a broader agreement with Newcrest Mining Ltd.
Commodities: Running Out of Rationales
Oil prices finish below $43 on fresh supply jitters…Oil drops toward $40 as EIA sees 2016 slowdown in global demand…Oil ends higher as OPEC output falls, global supply risks rise…These are titles of headlines published by international media in the last five days. Which one is right? None?
Mr MR & Freeport: Money Politics (4)
One famous businessman, identified as MR, is among the names reported by energy & mineral resources minister Sudirman Said to the Ethics Council of the House of Representatives (DPR) for his role in accompanying House Speaker Setya Novanto in series of meetings with leaders of PT Freeport Indonesia, wherein Setya allegedly asking for shares in Freeport.
Setya Novanto & Freeport: Money Politics (3)
House Speaker Setya Novanto, a politician from Golkar Party of Aburizal Bakrie camp, is widely believed the one reported by energy minister Sudirman Said to ethics council of the House of Representatives (DPR) for citing the names of President Joko ‘Jokowi’ Widodo and VP Jusuf Kalla when asking for shares in PT Freeport Indonesia. Novanto dismissed the allegation, but Kalla confirmed the meetings of Novanto and leaders of Freeport.
Beyond Freeport Shares: Money Politics (2)
Shares of Freeport McMoRan dropped by 5.8% on Thursday (Nov 12) in New York Stock Exchange. At the closing price, Freeport has market value of US$10.44 billion only. At its peak in late 2010, Freeport had market value of US$70 billion. So, this might be a good time for the government of Indonesia to acquire 20.44% shares in PT Freeport Indonesia.
Macmahon Wins Martabe Contract
ASX-listed Macmahon Holdings Limited has been awarded a five-year contract valued at approximately US$170 million to provide mining services at the Martabe gold mine in the North Sumatra province of Indonesia. G-Resources, controlling shareholder of the gold mine, meanwhile, yet to announce the management buy-out (MBO).