Mining investors are monitoring closely the ongoing debate between the government and the House of Representatives (DPR) over amendment of Law No. 04/2019 about Mineral and Coal. The revised law is badly needed to assess the future of coal miners, especially whose coal contract of works (CCOWs) expiring in the next four years, including Adaro Energy (ADRO), Bumi Resources (BUMI), Indika Energy (INDY), and Sinarmas Group.

Shares of PT Timah Tbk (TINS), the world’s second largest tin producer, surged by 5.37% to Rp1,080 Tuesday (July 16) to make a market capitalization of Rp8.04 trillion. That means Timah is among the best performing stocks with 43% gain year-to-date even though tin was traded at US$17,900 per ton, way below its peak inn the past 12 months.

Looks like that State miner Aneka Tambang (ANTM) is moving closer to commercial operation of its new ferronickel smelter in Halmahera Timur (otherwise known FeNi Haltim project), North Maluku province. After power supply, the company has just launched public tender for the provision of calcium carbide supply.

Minister of energy and mineral resources Ignasius Jonan has signed revision of plan of development (PoD) for the giant Masela gas project after series of consultation with the Corruption Eradication Commission (KPK). With the signing of the revised PoD, Inpex and Shell are now expected to make final investment decision (FID) for the US$20 billion project within 12 months, so that construction can be started next year for commercial operation in 2027.

PT Provident Agro Tbk (PALM), a plantation joint venture between Saratoga (SRTG) and Provident Capital, divested further its assets. This time, the company sold shares in PT Inti Global Laksana (IGL) and PT Banyan Tumbuh Lestari (BTL), which develop plantations in North Sulawesi, to PT Buana Pratama Cipta for Rp227.7 billion. 

In late May 2019, the troubled global commodities trader Noble Group announced that it had signed definitive agreements for the sale of plantation assets in Indonesia. The group said it would receive an aggregate consideration of US$67 million, consisted of US$38 million from selling PT Henrison Inti Persada (completed in late May) and US$29 million from PT Pusaka Agro Lestari.

Nickel Mines Ltd is among the best performing stocks on the Australia Stock Exchange (ASX). Since early January, the stock has gained 100% to A$0.44 last Friday to make a market capitalization of A$610.13 million. This followed completion of four rotary kiln eletric furnaces (RKEF) to process nickel ores into nickel pig iron in Morowali Regency, Central Sulawesi province, Indonesia.

State oil and gas firm PT Pertamina claimed its earnings improved in the first quarter (Q1) of this year, supported by higher oil prices and stronger rupiah against the US dollar. Finance Director Pahala N Mansury said Pertamina booked an unaudited net profit of US$677 million for the said period, better than Q1 of last year.

The Indonesian Deepwater Development (IDD) project may experience another set back.  Chevron Pacific Indonesia as the operator of the IDD project has not submitted a revised Plant Of Development (POD) to the Special Task Force for Upstream Oil and Gas Business Activities  (SKK Migas). It appears that the visit of the Ministry of Energy and Mineral Resources (ESDM) to the headquarters of Chevron in Houston on May did not help expedite the POD revision process.