October 28, 2019
Indonesia’s nickel miners agreed on Monday to stop nickel ore exports immediately, the country’s investment agency chief Bahlil Lahadalia said, after Jakarta last month brought forward a ban on shipments to January 2020 from 2022.
Exports due to be shipped from Indonesia, the world’s biggest nickel ore producer, will be bought by local smelter operators at an international price level, Lahadalia said.
“This agreement was carried out not on the basis of a letter from the government or technical ministry, but a joint agreement,” Lahadalia said. “Where the agreement is carried out by the nickel association with us the government.”
Indonesia’s government in September expedited the ore export ban by two years as part of its efforts to boost expansion of a local smelting industry.
Expectations of the Indonesian ban have pushed nickel CMNI3 prices on the London Metal Exchange (LME) up nearly 40% to around $17,000 a tonne now. In September, they hit a five-year high of $18,850 a tonne.
A spokesman at the mining ministry, which issues regulations on ore exports, said he could not immediately comment.
Lahadalia, who was appointed last week by President Joko Widodo in his new cabinet, said nickel companies agreed not to export ore based on “collective awareness” to create added value to Indonesian resource exports by processing them onshore.
Nickel smelters have been having problems buying raw material for their plants since Indonesia announced it was moving forward the ore export ban to January.
China’s Tsingshan, the biggest smelter operator in Indonesia, will cut production by 20% starting in November due to scarcity of ore and as the rainy season begins, to maintain its levels of ore inventory, said a company official in Jakarta.
Alexander Barus, executive director at PT Indonesia Morowali Industrial Park, Indonesia’s largest nickel industrial park -where Tshingshan operates – said smelters in Morowali were ready to buy ore from miners.
“We will buy according to our stockpile capacity and when the specification and prices are suitable,” Barus said after attending the meeting with the investment agency chief.
Meidy Lengkey, secretary general of Indonesian Nickel Miners Association, told Reuters that miners were fine with the export stoppage as long as the government helps to support domestic ore prices.
“We are supportive, but prices given to miners should be fair,” she said.
Miners have complained that local smelters are pricing nickel ore at much lower price compared to those exported.
The mining ministry said they will revise pricing rules to put a floor price for ore.
Source : https://www.reuters.com/article/us-indonesia-nickel/indonesian-nickel-miners-to-stop-ore-exports-immediately-idUSKBN1X7106
October 28, 2019
The government’s controversial move to bring forward a ban on the export of unprocessed nickel is a long-term play that will only work if accompanied by the development of the downstream nickel industry and regulatory certainty, an economist has said.
Enrico Tanuwidjaja, economist at Singapore-based United Overseas Bank (UOB), said a turnaround was possible, because domestic and global demand for refined nickel would rise over the years amid increased demand for electric vehicles and higher nickel content in batteries.
“This [turnaround] would bring about more stability in the rupiah and opens up room for a lower interest rate environment in the country,” writes Enrico in a macroeconomic note released on Oct. 21.
In the short term, the ban would cut exports by US$65 million each month, but Enrico maintained that such a cut was “relatively small” and “relatively manageable” considering the trade deficit this year averaged $230 million a month.
The government had initially planned to ban raw nickel exports in 2014 but postponed the deadline to 2022 following protest from mining companies. The government then surprised stakeholders when it decided in September to bring the ban forward to 2020.
The Indonesian Nickel Miners Association (APNI), whose members are mostly small nickel producers, opposed the accelerated export ban, saying small producers had not had enough time to accumulate capital to build smelters.
“It is hard to tell the [validity] of this concern. In our view, however, it remains true that there is a potential delay in the in-country [smelter] construction progress, which will impact the trade balance negatively in the short-term,” writes Enrico.
The government had hoped to accelerate the development of 25 ongoing nickel smelter projects around the country to complement 11 existing smelters, with a combined input capacity of 81 million tons.
With Indonesia supplying more than 20 percent of the global nickel market, domestic refining of raw nickel is expected to boost government efforts to add value to the nation’s exported products, rather than shipping raw goods only to import their derivatives in the end. This is especially important given the crucial role of nickel as a material for car batteries.
Today, stainless steel producers remain the largest buyers of nickel, having consumed 75 percent of the world supply in 2017, but battery producers, which only consumed 3.5 percent, are a lucrative market going forward given Indonesia’s move toward electric vehicles.
Indonesia has an unofficial target of boosting electric car ownership until such vehicles comprise 20 percent of all cars in the country by 2025. The share of electric vehicles today is unknown.
UOB projects that 60 percent nickel batteries of the NCM 622 standard will account for the majority of battery sales next year, while 80 percent nickel batteries (NCM 811) will dominate by 2025 and 90 percent-nickel batteries (NCM 90) by 2030.
“This development shows that the trend of higher-nickel-content electric batteries is the present and future for electric vehicles,” said Enrico.
In line with Enrico’s analysis, business consultancy firm McKinsey & Company projects global nickel demand for batteries to rise at a compound annual growth rate (CAGR) of 37.24 percent until it hits 570 kilotons (kt) in 2025.
Meanwhile, the global stainless steel industry’s share of nickel consumption will drop from 70 percent to 60 percent by the same year, writes the firm in a report
Energy and Mineral Resources Ministry head of mineral exploration Andri Budhiman Firmanto said the export ban safeguarded the country’s raw nickel supply for domestic smelters ahead of a future rise in domestic and global refined nickel demand, particularly from electric vehicle battery manufacturers.
The government is not eyeing to have more battery factories built in the country but to have more smelters that can refine raw nickel into a product suitable for car batteries.
“Indonesia’s proven nickel reserves [of] 698 million tons are only enough to supply nickel smelters for 7.3 years after 2022,” said Andri.
The year 2022 is when the ministry expects 37 nickel smelters to be operational and thus, boost domestic raw nickel consumption to more than 80 million tons a year. Consumption hit 23.6 million tons last year.
Probable nickel reserves, Andri continued, amounted to 2.87 billion tons, but exploring these reserves was hampered by lengthy permit and land acquisition processes.
Source : https://www.thejakartapost.com/news/2019/10/28/ban-on-unrefined-nickel-exports-positive-in-long-run-economist.html
October 28, 2019
LME Week, the biggest annual event of the London metals world, kicks off Monday.
Conversation topics for traders, miners and investors gathering around the city will include the recent turmoil in the nickel market, especially after Indonesia accelerated a ban on ore exports, and the protests in Chile that have disrupted copper operations.
This year’s event takes place against the backdrop of weak demand for most key metals.
Here are the latest developments, updated throughout the day. (Time-stamps are local time in London.)
Norilsk Seeks Answers (12:30 p.m.)
The nickel industry is digesting the news that Indonesia suspended exports of nickel ore with immediate effect, but producers need more details, said Denis Sharypin, head of market research at MMC Norilsk Nickel PJSC.
If the ban is implemented immediately, it will result in tighter supplies in the next two months amid demand from China, which will be positive for prices, he said.
Zinc Seen Declining (11:20 a.m.)
Zinc prices are likely to fall further in the near term on subdued demand, said Caroline Bain, chief commodities economist at Capital Economics Ltd.
Prices may reach $2,300 a ton by year-end with potential for a small revival to $2,400 by the end of 2020. Futures on the LME traded around $2,535 on Monday.
While risk appetite in general may start to pick up in the second half of next year, zinc threatens to remain a relative underperformer, Bain said.
Nickel Deficit (11:15 a.m.)
The nickel market remains in “fundamental deficit,” said Edward Meir, president of Commodity Research Group and senior commodity consultant at ED&F Man Capital Markets.
Stainless steel will remain the main consumer and driver for the metal, he said. “Some caution is in order” for expectations about the price impact on nickel and other metals from electric vehicle demand.
Meir sees nickel prices averaging $14,500 a ton next year, compared with Monday’s price of $16,950.
Copper Consumption (10:45 a.m.)
Copper demand will probably decline slightly this year, before increasing 1.4% in 2020, said Vanessa Davidson, head of base metals research and strategy at CRU Group.
CRU sees world copper mine output rising 1.3% in 2020 and refined copper production expanding 1.4%.
This year, the lower demand will be balanced out by flat refined production and a 1% drop in mine output.
Bearish Aluminum (10:40 a.m.)
Sentiment in the aluminum market is “extremely bearish,” said Jorge Vazquez, managing director of Harbor Aluminum. He sees a price rally in the next six months.
The aluminum surplus will widen as production capacity increases and demand growth is unlikely to increase substantially, he said.
Nickel, Gold Are Favorites (10:30 a.m.)
Nickel and gold won the most votes as the metals with the most upside potential in a poll of attendees at the LME seminar Monday.
Citi on Outlook (10 a.m.)
While there’s no clarity among traders and investors on demand growth and commodity prices next year, it is obvious that global trade is in retreat near-term due to tariff fights, said Catherine Mann, global chief economist at Citigroup.
It’s not only a bilateral war between China and the U.S., she said, “it’s a global war.”
Trafigura on Sourcing Plan (9:46 a.m.)
Trafigura Group’s head of corporate responsibility, James Nicholson, said the London Metal Exchange’s responsible sourcing strategy is a positive step forward for the sector.
The plan “shows an industry coming of an age,” he said. “The possibility of consolidation under an exchange as important as this one is a really significant step.”
Nicholson said he’s seen a dramatic shift over the past decade in the attention that Trafigura’s banks pay to social and environment issues.
Chile Effect (9:20 a.m.)
The unrest in Chile means that some delegates from the top copper-producing nation are missing LME Week this year. Codelco Chairman Juan Benavides canceled his trip and a scheduled event on mining in Chile will no longer take place. Some mines were disrupted last week and others were halted as the largest demonstrations in the country in decades wreaked economic havoc.
Rio on Growth (8:30 a.m.)
After losing billions on mega deals and projects, mining companies are going to have to get used to being smaller and more nimble, according to Rio Tinto Group chief Jean-Sebastien Jacques.
“In the past, most major miners have pushed for bigger mines, using bigger machinery, processing ever greater quantities of material,” Jacques said in a speech. “As demand for some materials remains flat or declines, and the circular economy takes hold, the push for scale will change.”
Source : https://www.bloomberg.com/news/articles/2019-10-28/rio-tinto-ceo-says-bigger-isn-t-better-lme-week-update
October 28, 2019
Kingsrose Mining (ASX: KRM, “Kingsrose” or “the Company”) is pleased to announce that its Way Linggo gold- silver project in Indonesia has been connected to the main power grid in a move which will cut costs significantly.
The power will be supplied at an Indonesian Government-gazetted rate, which is significantly cheaper to Kingsrose Mining than the diesel generators it is currently using.
Initially, the mainline power will supply the processing plant and camp, which will reduce Kingsrose’s cash costs.
However, the connection can be upgraded to meet the demands of any future underground operations. This is important because it will enable Kingsrose to run ventilation and dewatering processes from the mains powerline rather than diesel generators, cutting costs significantly.
Kingsrose Chief Executive Karen O’Neill thanked the operations team for their diligence in completing the project within schedule and budget.
“We will achieve operational savings based on our current production profile and more importantly set ourselves up with a competitive cost basis for going back underground,” Ms O’Neill said.
Source : https://www.kingsrosemining.com.au/announcements/28th-october-way-linggo-project-power-connection/
October 28, 2019
Industry Minister Agus Gumiwang Kartasasmita seeks to operate the smelter of PT Freeport Indonesia sooner although the initial target of 2022 is already deemed acceptable.
“We just held a meeting that was led by Coordinating Minister for Maritime Affairs Luhut Pandjaitan where we expressed intentions to accelerate the Freeport smelter projects. Even though the first line from Freeport in 2022 will see production,” said the minister on Monday.
According to Agus, the government is in the midst of looking for a way to operate the smelter, which has spent up to US$151 million.
The construction of the Freeport smelter is done over a 100-hectare land with a total cost of up to US$3 billion. The smelter is expected to be able to process 2 million tons of copper concentrate and to be fully operational in 2022.
Source : https://en.tempo.co/read/1265394/ministry-of-industry-to-accelerate-freeport-smelter-project
October 28, 2019
PT Bukit Asam Tbk managed to record an increase in coal sales until September 2019 to 20.6 million tons, 10.7% higher from the same period the previous year. The sales increase was due to coal production increase to 21.6 million tons, 9.6% higher from the same period the previous year, as well as coal transportation capacity increase to 17.8 million tons, 4.7% higher compared to January to September 2018 period.
This coal sales increase was inseparable from the Company’s sales strategy by targeting coal exports to several countries such as India, Hong Kong, the Philippines and some other Asian countries, also targeting new export markets such as Japan and South Korea. Besides encouraging export sales to Asian countries, the Company also exported medium to high calorie coal to the premium market.
Until the third Quarter of 2019, the Company recorded operating revenues of IDR16.3 trillion, consisting of 56% domestic coal sales revenue, 42% export coal sales and 2% other activities such as electricity, briquettes, crude palm oil, hospital health services and rental services.
This operating income was affected by the average selling price of coal which dropped by 7.8% to IDR775,675 / ton in September 2019 compared to previous year of IDR841,655 / ton. The decline was caused by the weakening of the Newcastle coal price index (GAR 6322 kcal / kg) by 25% to average until September 2019 of US$ 81.3 per ton from US$ 108.3 per ton in the same period last year. Likewise, the GAR 5000 Indonesian coal price index (ICI) fell 21% to average until September 2019 of US$ 50.8 per ton from US$ 64.5 per ton in the same period last year.
The cost of goods sold until September 2019 was recorded at IDR10.5 trillion or an increase of 13% from the same period the previous year which was IDR9.4 Trillion. With the composition and the largest increase occurred in rail transportation costs in line with the increase in coal transportation volume and mining service costs and in line with the increased production and average stripping ratio until September 2019 of 4.6 bcm / ton from 4.1 bcm / ton in the same period last year. The increase in stripping ratio was due to high calorie coal production (> 6100 kcal / kg GAR) of 1.9 million tons until September 2019.
Even in the midst of the declining world coal prices, the Company still posted a net profit of IDR3.1 Trillion with EBITA of IDR5.0 Trillion owing to the strategy and efficiency efforts undertaken by the Company.
As of September 30, 2019, the Company’s assets reached 25.2 trillion with the largest composition of 28% fixed assets and 17% cash equivalents. Cash and cash equivalents (excluding deposits with periods of more than 3 months) owned by the Company currently amount to IDR4.2 Trillion, 33% decrease as of December 31, 2018 amounting to IDR6.30 Trillion. However, taking in the deposits over 3 months, the Company’s total cash was IDR7.1 Trillion (13% increase from the same period in 2018).
Source : http://www.ptba.co.id/en/news/detail/1142/bukit-asam-recorded-10-increase-in-coal-production-and-sales
October 28, 2019
Nickel miner PT Vale Indonesia (INCO) has set up a partnership with Japanese and Chinese investors to develop smelters with a total investment value of US$5 billion or Rp70 trillion. The company management said that the fund would be used to develop two new smelters and expand an existing smelter, which are located in Bahodopi in Central Sulawesi and Pomalaa in Southeast Sulawesi. Vale has not yet revealed the name of its partners. They are still discussing matters related to financing portions.
Source : http://www.vale.com/indonesia/EN/press/pt-vale-on-news/Pages/cnbcindonesia-16102019.aspx
October 28, 2019
Indonesia is dangling the world’s largest trove of nickel, a crucial metal for making electric cars perform better, to lure the auto industry into spending billions of dollars to transform the islands into a hub for the technology.
The archipelago holds almost a quarter of all nickel reserves, valued today at about $350 billion, and has brought forward a ban on ore exports by about two years to keep more of that natural wealth at home. EV makers and battery producers wanting access to the raw material have to build in Indonesia to get it, triggering an influx of investments along the supply chain that could potentially jump-start a nascent domestic auto industry.
Nickel prices swung on Monday after an Indonesian official suggested exports of the ore would be suspended immediately. The next day, the country shelved the plan, saying that miners would instead be able to continue shipments to the end of the year subject to greater scrutiny of their cargoes.
Nickel helps cram more energy into cheaper and smaller battery packs, allowing EVs to charge faster and travel further between fill-ups. Demand for the material is forecast to leap by about 16-fold during the next decade, according to BloombergNEF, as global carmakers gradually sideline their gas guzzlers.
Spending on new nickel processing plants is predicted to total $20 billion by 2024, with projects involving China’s battery giant Contemporary Amperex Technology Co. Ltd., miner Vale SA and Japan’s Sumitomo Metal Mining Co. already advancing. Toyota Motor Corp., Tesla Inc., Volkswagen AG and battery maker LG Chem Ltd. also are scoping out opportunities, the government said.
“It could provide a once-in-a-lifetime opportunity for Indonesia,” said Jeffrosenberg Tan, head of investment strategy at broker PT Sinarmas Sekuritas. “It can be a key player in the most important industry globally in the future.”
Nickel is used in a battery’s cathode, one of the pair of electrodes inside a cell that keep the current flowing. The auto industry will consume more than half of high-quality, or Class 1 nickel, by 2030, displacing the stainless-steel market as the top user.
Indonesia’s nickel reserves could fuel its electric vehicle ambitions
The greater use of nickel in EV batteries should mean automakers can deliver midsize cars by 2025 that are capable of traveling 600 kilometers (373 miles) after a fill-up, have a 15-minute charging time and need a pack that’s half the size of current equipment, Germany’s BASF SE said last year.
That shift also should trim the amount of expensive cobalt that’s required in a battery, said BASF, the world’s largest chemical company.
CATL, part of a project to produce nickel and cobalt on Sulawesi, declined to comment. LG Chem said it doesn’t currently have plans to move into Indonesia. Tesla didn’t respond to a request for comment.
Indonesia was the biggest shipper of nickel, with almost all of it feeding China’s stainless-steel industry.
President Joko Widodo, starting his second term, wants to generate more jobs in the fourth-most populous nation and create a $7 trillion economy by 2045. To that end, the government announced a pending ban on exporting unprocessed nickel ore — and then moved it forward. The original cutoff date was 2022, but in September it was accelerated to January 2020, sending prices of the metal surging to a near five-year high.
China’s imports rose in response, suggesting users have rushed to secure material before January’s deadline. That prompted Indonesia’s most recent moves this week to bolster scrutiny of cargoes before the export ban is implemented in full.
“For nickel, we want raw materials to be processed in Indonesia,” the president, known as Jokowi, said in an Oct. 2 interview, after the first change. “We want added values.”
Jokowi said he was considering similar restrictions on other commodities, including those needed by EVs. “One by one,” he said.
For the EV industry, the potential rewards from setting up shop in Indonesia are significant. Carmakers are chasing growth in Southeast Asia as sales in China, the U.S. and Europe stagnate amid the trade war and Brexit.
Need For Nickel
The EV industry is moving to use more nickel in battery cathodes
This nation of 260 million people has one of the lowest car ownership ratios among major economies. Plus, the government wants 25% of all cars produced here by 2030 to be electric as it tries to improve energy security and reduce air pollution. That would equal 750,000 EVs.
Yet the country lacks sufficient technical expertise and infrastructure to challenge China, Japan and South Korea as an EV hub, Fitch Solutions said last month.
So nickel is being used as bait. Toyota and Hyundai Motor Co. are pledging to start EV programs, and battery makers expressed interest in adding production lines, the government said. That would help fend off Thailand, which is trying to become Southeast Asia’s auto powerhouse by developing EVs and autonomous vehicles.
Toyota has committed $2 billion through 2023 to scale up its local EV manufacturing.
“Indonesia has huge opportunity for automotive companies,” said Warih Andang Tjahjono, president director of PT Toyota Motor Manufacturing Indonesia, the local unit. “We’re ready to support the Indonesian government in all form of electrification of vehicles.”
Hyundai is considering options to expand in Southeast Asia, including Indonesia, though plans haven’t been finalized, a spokesman said.
Investment in downstream nickel projects, clustered around Sulawesi Island and Halmahera Island, already reached $9 billion and should increase to $20 billion within five years, said Luhut Pandjaitan, the coordinating minister of maritime affairs.
PT Vale Indonesia and Sumitomo Metal plan to spend about $5 billion on nickel projects during the next few years, and that could include $2.5 billion for a plant to make battery-grade nickel. The companies said they will make a final decision next year.
Sumitomo Metal’s customers include Toyota and Tesla battery partner Panasonic Corp., according to data compiled by Bloomberg.
“The availability of nickel in country will definitely give Indonesia an advantage from other ASEAN countries,” said Supparoek Sawangwong, a Bangkok-based senior analyst at researcher LMC Automotive. “Many carmakers are ready and interested.”
Source : https://www.bloomberg.com/news/articles/2019-10-28/indonesia-will-trade-nickel-riches-for-an-electric-car-industry
October 29, 2019
Indonesia will suspend nickel ore exports immediately rather than stopping overseas shipments early next year, officials said on Tuesday, as the world’s top producer of the mineral looks to ramp up processing at home to boost its income.
Some three dozen firms met government officials on Monday and agreed to stop exporting the metal, according to the country’s Investment Coordinating Board (BKPM).
London nickel prices briefly jumped above $17,000 a metric ton.
The surprise announcement comes about a month after resource-rich Indonesia shocked markets by saying it would roll out a planned nickel-ore export ban two years early.
Jakarta implemented an ore export ban in 2014 only to reverse course and relax it in 2017, when the government said companies would have five years to prepare and start building homegrown smelters – which extract base metals from ore.
The government said the decision was aimed at speeding up smelter construction in the country, which has almost a quarter of all nickel reserves, valued at around $350 billion.
“The meeting was held in order to take concrete action to speed up investment in the smelter sector,” the country’s investment agency said in a statement Tuesday, as it confirmed the suspension.
Indonesia’s previously revised timeline would have seen the export ban ushered in early next year rather than 2022, which was criticised by some for cementing the country’s reputation for policy flip-flops.
Indonesian officials have said they want to churn out higher-value mining products, rather than just shipping raw ore abroad – including to top importer China, which uses nickel to make stainless steel.
The move is also key for plans to turn the country into an electric-vehicle hub. Nickel is used in lithium batteries that power gas-free cars.
The Southeast Asian nation has been courting automakers to invest in electric-vehicle facilities, including Toyota and Korea’s Hyundai.
Some foreign firms are investing in nickel-battery processing plants in Indonesia, including China’s Tsingshan Holding Group, while construction is underway on some two dozen domestic smelters, according to the government.
Source : https://themalaysianreserve.com/2019/10/29/indonesia-suspends-nickel-exports-as-it-eyes-domestic-processing/
October 29, 2019
Nickel prices rose on Tuesday as top producer Indonesia said it would temporarily stop ore exports ahead of a ban due to come into force next year.
Benchmark nickel on the London Metal Exchange (LME) ended up 1.1% at $16,830 a tonne.
The metal used in stainless steel is already up more than 50% this year and traders have factored in the end of Indonesian exports, so news of more stoppages was not enough to move prices significantly, said Capital Economics analyst Kieran Clancy.
Weak demand from China’s steel industry is likely to push nickel down to about $15,000 by the end of next year, he said.
EXPORT BAN: Indonesia is stopping nickel ore exports temporarily as authorities investigate “massive violations” of export rules, Luhut Pandjaitan, the coordinating minister overseeing maritime and mining, said on Tuesday.
Pandjaitan said shipments had jumped since the government announced in September that a ban on ore exports would be moved forward to January 2020 from 2022.
Indonesian miners on Monday said they would stop nickel ore exports immediately.
NICKEL STOCKS: On-warrant nickel stocks in LME-registered warehouses have plunged to 30,300 tonnes from more than 110,000 tonnes in August, the lowest since 2007. MNISTX-TOTAL
This may send a misleading signal, said Capital Economics’ Clancy. He estimates that 200,000 tonnes of nickel have flowed into non-exchange warehouses since 2017.
NICKEL SPREAD: Cash nickel on the LME flipped back to a premium against the three-month contract, suggesting tighter supply in the near term, but at $35 it remains far short of recent highs above $200. MNI0-3
FUNDAMENTALS: The nickel market, accounting for 2.5 million tonnes of metal a year, will be in slight deficit next year, the International Nickel Study Group (INSG) said last week.
LME WEEK: Metals consumers, producers, traders and brokers were gathered in London for LME Week 2019.
CHILE COPPER: Union members at BHP’s Escondida copper mine said they would walk off the job for part of the work day on Tuesday in a show of solidarity with protests in Chile.
Protests in top producer Chile caused only minor supply disruption.
COPPER FUNDAMENTALS: There was a global copper market deficit of 324,000 tonnes during January-June up from a deficit of 237,000 tonnes in the same period a year earlier, the International Copper Study Group said.
POLL: Prices of copper and other industrial metals are expected to be capped next year as weak economic growth weighs on the market, a Reuters poll showed on Monday.
PRICES: LME aluminium finished 1% higher at $1,754 a tonne, zinc rose 0.1% to $2,544, lead climbed 1.3% to $2,264.50 and tin ended up 0.8% at $16,850. Copper did not trade in closing rings but was bid up 0.3% at $5,927.
Source : https://af.reuters.com/article/metalsNews/idAFL8N27E434
October 29, 2019
Freeport Indonesia (IDX: PTFI) plans to start building its smelter in the first quarter of 2020. The smelter will be located in Gresik, East Java.
“We are currently compacting the soil as [the smelter] would be built on a land that was once a swamp,” Inalum corporate secretary Rendi A. Witular said in Jakarta, October 28.
According to Rendi, Freeport’s copper smelter would be the largest in the world; producing downstream products including 550,000 tons per year of copper cathode, 1.3 million tons of slag, 150,000 tons of gypsum, 6,000 tons of anode mud per year.
The main output, which is gold, will be processed with a capacity between 30 and 60 tons per year. Indonesia’s domestic gold consumption is roughly 10 tons, and so the remainder will be exported.
The smelter will also produce 240 tons of silver.
Freeport Indonesia’s smelter will be built inside the Java Integrated Industrial and Port Estate (JIIPE) industrial area in Gresik, East Java. The smelter, which will process 2 million tons of concentrates, needs an investment fund of around US$2.8 billion.
Source : https://en.tempo.co/read/1265699/freeport-indonesia-to-start-smelter-construction-in-q12020
October 29, 2019
China’s Tsingshan will slash nickel pig iron production at its smelter in Indonesia by 20% in November, in order to maintain its levels of nickel ore inventory as supply tightened after the commencement of the rainy season.
The smelter produced 21,000 mt in Ni content of NPI this month, which means that the cut next month will wipe out about 4,000 mt in Ni content of production.
The news was firstly reported by Reuters, as the market was roiled by the overnight rumours that Indonesia is halting nickel ore exports immediately.
A source from Tsingshan Indonesia has confirmed the plan of production curtailment with SMM.
Source : https://news.metal.com/newscontent/100987211/tsingshan-indonesia-to-cut-npi-production-by-20-in-nov/
October 30, 2019
Coordinating Maritime and Investment Minister Luhut Panjaitan has backed the decision to temporarily stop nickel ore exports amid violations of export quota.
He said the temporary export ban, which will last between one and two weeks, was necessary to give the Customs and Excise Office, Corruption Eradication Commission (KPK), Indonesian Maritime Security Agency (Baklama) and Navy time to investigate the violation.
“We will temporarily stop exports until customs, the KPK, Baklama and the Navy complete a coordinated inspection,” he told reporters in Jakarta on Tuesday evening.
The government, he continued, imposed the temporary ban because exports exceeded threefold the government’s nickel export quota.
The decision was made just two months before the government will impose a permanent ban on mineral ore exports in January, next year.
According to Energy and Mineral Resources Ministry data released last month, Indonesia’s nickel export quota between 2017 and the first half of 2019 was 76.2 million tons, while exports totaled only 38.2 million tons during the same period.
“Right now, on average, there are between 100 and 130 shipments of nickel ore each month. Normally there are only 30 shipments,” added Luhut.
On Monday evening, the day before the coordinating minister’s announcement, Investment Coordinating Board (BKPM) head Bahlil Lahadalia declared that nickel players had agreed to stop nickel ore exports, effective immediately.
“This agreement is not based on a letter from a ministry but on a common understanding between the nickel association and the government. We love our country and want to protect its sovereignty,” he said.
While the BKPM’s declaration was supported by the Indonesian Smelter Association (AP3I), it was not fully supported by the Indonesian Nickel Mining Association (APNI), which disagrees with the former organization over the benchmark price for domestically sold nickel ore.
The BKPM’s declaration is not backed by a legally binding document and has been called invalid by energy experts. The legal basis for Luhut’s temporary ban remains unknown.
Nevertheless, news of the BKPM’s announcement saw nickel prices rise 1.2 percent to US$16,980 a ton on the London Metal Exchange on Monday, reported Bloomberg.
Nickel prices peaked at $18,060 a ton in early September, a month after the issuance of Energy and Mineral Resources Ministerial Regulation No. 11/2019 on coal and mineral businesses, which brought forward the permanent export ban to January next year.
Luhut emphasized that the temporary ban was not intended to start the permanent ban earlier than the initial plan, but was aimed at disciplining the country’s mineral ore exporters.
Ministry spokesman Agung Pribadi said the Minerals Directorate General, a division of the ministry that oversees the mining industry, was “conducting a field evaluation of under construction smelters to decide future policies related to nickel exports”.
Source : https://www.thejakartapost.com/news/2019/10/30/coordinating-minister-luhut-backs-temporary-ban-on-nickel-ore-exports.html
October 30, 2019
PT Bumi Resources Minerals Tbk (BRMS) expects to commence operation from the Poboya gold mine in Palu, Central Sulawesi by the end of the year. The mine is managed by the company’s subsidiary PT Citra Palu Minerals.
“We expect to start our plant’s operations in Poboya by [the] end of this year. This will be followed by trial production from the mine as soon as possible,” said BRMS CEO Suseno Kramadibrata in an official statement received by IDNFinancials.com, Wednesday (30/10).
In addition, BRMS is also collaborating with NFC China to complete an infrastructure facility in the company’s zinc and lead in Dairi, North Sumatra. The company is also trying to accelerate the production schedule of its Gorontalo gold mine.
In the third quarter of 2019, BRMS posted a net profit of US$ 1.05 million. In the same period last year, the company booked a loss of US$ 93.91 million.
Source : https://www.idnfinancials.com/news/29755/bumi-resources-minerals-start-operation-palu-gold-year-end
October 30, 2019
The revenue of Bumi Resources Minerals (BRMS) grew by 193.22% year-on-year (YoY) from US$ 1.18 million in Q3 2018 to Rp 3.46 million in Q3 2019. In addition, BRMS also managed to record a net profit of US$ 1.02 million, after losing US$ 93.95 million by Q3 2018.
The company gained revenue from mining advisory services provided by the company for Bellridge Holdings Limited (Bellridge). In addition, the company also managed to reduce its operating expenses by 21.95% to US$ 3.45 million.
However, BRMS’ debt increased slightly by 0.8% from US$ 171.81 million to US$ 173.19 million, mainly caused by the increase in the company’s short-term debt from US$ 903,286 to US$ 32.29 million.
The improved performance encouraged investors to buy BRMS shares. As a result, the price of BRMS shares at the end of the first session rose by 15.38% to Rp 60 / share. The number of shares traded reached 539,356,000 shares with a total value of Rp 30,811,602,400.
Source : https://www.idnfinancials.com/news/29748/bumi-resources-mineral-generated-profit
October 31, 2019
PT Bukit Asam Tbk received the World Cultural certificate of Heritage Ombilin Coal Mining Heritage of Sawahlunto. This certificate was handed over by the Daily Chair of the Indonesian National Committee for UNESCO, Arief Rachman and received by the Managing Director of PT Bukit Asam Tbk, Arviyan Arifin in Padang, Tuesday (29/10). The event was witnessed by the Ministry of Education and Culture Director of Cultural Heritage and Diplomacy, Nadjamuddin Ramly and the Governor of West Sumatra, Irwan Prayitno.
With this certificate, UNESCO has recognized Sawahlunto along with the entire flow of coal process activities starting from the mining process from Sawahlunto to coal handling in Teluk Bayur Harbor, Padang as a World Cultural Heritage. UNESCO defined the World Cultural Heritage Ombilin Coal Mining Heritage of Sawahlunto in 3 areas, namely area A for coal mining sites in Sawahlunto, area B for the railway line between Sawahlunto to Padang, and area C for coal storage in Emmahaven, Teluk Bayur port.
The railroad in area B was the railroad transport line used to transport coal from the mine site in Sawahlunto to the Teluk Bayur port. These three areas were an integral part of the coal mining process from mining to Sawahlunto coal being delivered to various destination locations through the Teluk Bayur port.
As the coal company that conducted coal-mining activities in Sawahlunto and participated in advancing tourism of Sawahlunto, Bukit Asam was proud to be part of the Ombilin Coal Mining Heritage of Sawahlunto. After coal mining activity was ceased in 2001, Bukit Asam turned the post-mining land into a zoo and a lake for tourist sites.
In addition, Bukit Asam also built the Ombilin Coal Mining Museum located next to the Bukit Asam office of the Ombilin Mining Unit in Sawahlunto. In this museum, Bukit Asam showed the history of coal mining in Ombilin and exhibited the equipment used to mine coal, as well as displayed dioramas of the coal mining process.
To support tourism and education about coal, especially the deep mines, Bukit Asam also opened “Lubang Pendidikan” or Educational Hole in one of the old mining holes. Through this Education Hole, students who studied mining could learn and see directly the shape of deep mines.
The UNESCO World Cultural Heritage certificate and recognition for Sawahlunto encouraged Bukit Asam to continue developing and promoting Sawahlunto potential in the tourism sector. Bukit Asam would continue to synergize with the Provincial Government of West Sumatra and the City Government of Sawahlunto in an effort to advance and maintain the Ombilin Coal Mining Heritage of Sawahlunto together.
Source : http://www.ptba.co.id/en/news/detail/1143/bukit-asam-received-certificate-of-ombilin-coal-mining-heritage-of-sawahlunto
October 31, 2019
PT Petrosea Tbk. (PTRO) recorded a total revenue of US$378.74 million until the end of September 2019, an increase of 16.12% from US$326.16 million in the previous year. Meanwhile, profit attributable to the owners of the company was recorded at US$20.58 million, an increase of 15.81% year-on-year.
Contribution from the Contract Mining business line reached US$220.35 million, or 58.18% from the total revenue of the Company. Despite facing a persistent challenging global coal market, overburden volume increased by 30.19% quarter-to-quarter from 29.68 million BCM to 38.64 million BCM during this quarter.
The Engineering & Construction business line contributed US$81.85 million, which was derived from several infrastructure projects in Central and East Kalimantan for Maruwai Coal and Kideco Jaya Agung, as well as Papua and East Java for Freeport Indonesia. Meanwhile contribution from the Petrosea Logistics & Support Services business line also increased by 19.63% to US$74.34 million as a result of the development of a fuel and material storage facility for KGTE, loading-unloading activities and storage facilities at POSB Sorong, as well as the provision of port operations and services for Freeport Indonesia through Kuala Pelabuhan Indonesia.
“All of our achievements until the third quarter of 2019 were the result of an increase in productivity through the implementation of operational excellence, strong technical and engineering capabilities, as well as the digital transformation of our mining operations to increase the Company’s financial and operational performance,” said Hanifa Indradjaya, President Director of Petrosea.
The Company’s success in digital transformation received international recognition, after Petrosea became the only mining company to be selected by the World Economic Forum into the Global Lighthouse Network during the Annual Meeting of the New Champions which was held in on 3 July 2019 in Dalian, China. Petrosea is now one of 26 global companies that are part of the Global Lighthouse Network.
Source : https://www.petrosea.com/wp-content/uploads/2019/11/Press-Release-Petrosea-Records-US20.58-Million-Profit-as-per-September-2019.pdf
October 31, 2019
Indonesia, the world’s biggest nickel ore producer, temporarily stopped nickel ore exports after authorities launched an investigation into “massive violations” of export rules late last week. The market was taken by surprise by the sudden move and nickel prices soared,
SMM learned that mines who have export quotas have recovered the loading of nickel ore with a Ni grade lower than 1.7%, and that leaving vessels are still subject to an inspection into ore grade. Vessels carrying nickel ore left Pomalaa mining area in Indonesia this morning, SMM learned.
This round of investigations is expected to end on November 1.
Source : https://news.metal.com/newscontent/100988190/indonesia-nickel-ore-exports-have-recovered-while-investigation-continues/
November 1, 2019
The government’s decision on Tuesday to temporarily freeze nickel ore exports for one or two weeks to allow for a comprehensive investigation by the Corruption Eradication Commission (KPK), the customs service and the Navy should be set against the astronomical increase in exports over the last two months.
Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan revealed that nickel ore exports had quadrupled since early September, immediately after the enactment of a mining regulation that moves forward the raw nickel export ban to January 2020 from the original schedule of January 2022.
The big question then is: How could nickel ore exports have risen so steeply while the mining regulation allows exports only by mining firms that are building smelters and restricts export volumes with quotas set according to the building progress of their smelter projects?
It is this extreme anomaly, we think, that has prompted the coordinating minister, who oversees mining, transportation, tourism, fisheries and investment, to ask for a joint investigation by the three institutions. Major irregularities likely led to the sharp increase of nickel ore exports from Sulawesi despite the restrictive export regulation.
The government’s policy on the development of downstream industries in the mining sector has been notoriously inconsistent. According to the 2009 Mining Law, nickel ore exports were supposed to stop in January 2014, but due to weak enforcement, the ban was pushed back to January 2017 and then again to January 2022. But the government, apparently disappointed by the slow construction progress of many nickel smelters, decided in September to entirely stop nickel ore exports by January 2020 or two years before the 2022 deadline set in a 2017 regulation.
The export ban is certainly necessary to ensure that nickel reserves will still be adequate to supply both operating smelters and those still under construction. According to the Energy and Mineral Resources Ministry, as of this year, 11 smelters are already in production and 25 are still under construction. These plants will need 80 million tons of nickel ore a year.
The policy of promoting the nickel refining industry also supports Indonesia’s ambitious program to develop its own electric vehicle industry and to become one of the world’s largest producers of car batteries because nickel is widely used in the production of lithium-ion batteries.
As Indonesia is the world’s largest nickel producer and supplies more than 20 percent of the world nickel market, the country will certainly benefit greatly from the compulsory domestic refining of nickel ore.
But such policy inconsistency and unpredictability is especially damaging to investment in the entire mining industry, which is a major contributor to Indonesia’s gross domestic product. Policy flip-flops in mining are severely inimical to investment in the mining sector, which is highly risky and capital intensive and has a very long payback period. Worse still, the outlook of investment in the mining industry will not likely improve soon as political pressures for revising the 2009 Mining Law have become increasingly stronger.
Source : https://www.thejakartapost.com/academia/2019/11/01/stopping-nickel-export-spree.html
November 1, 2019
In the wake of mining giant Freeport-McMoRan’s third-quarter earnings report, released last week, operations at the company’s properties in Grant County seem likely to remain stable for the immediate future.
“There currently are no significant changes planned at Chino or Tyrone,” FCX Vice President of Communications Linda Hayes wrote in an email to the Daily Press on Thursday. “Based on the price of copper, additional opportunities will continue to be evaluated for incorporation into the mine plan. Freeport-McMoRan has not seen, nor do we anticipate, changes to headcount at Chino and Tyrone.”
The company continued to invest heavily in expanding its mining interests in North America and Indonesia, while the cost of producing metals also continued an upward trend. The company said it still expects to meet its 2019 goals for overall production by the end of the fourth quarter.
While the company’s operating capital and cash on hand continued to shrink, Freeport also stayed on track with reducing its total debt, which has steadily dropped from amounts in the tens of billions of dollars in the years before it began divesting itself of its oil and gas interests in 2016. Freeport reported its total consolidated debt in the third quarter at $9.9 billion.
Share prices for the company this year have been recorded as a net loss since the second quarter, having started out 2019 barely in the black at 5 cents per share, and ending the third quarter with a 9-cent-per-share loss.
Freeport’s capital expenditures have also increased in the third quarter. Last year’s third quarter capital expenditures were about $500 million, while this year’s third quarter the company has spent $700 million.
As it has all year, the company assured shareholders that the heavy internal investment and high production costs would pay off when infrastructure development projects are completed in the coming years.
Freeport President and CEO Richard Adkerson addressed “three major initiatives” that have picked up momentum, according to the report. One of those is the work being done at a major mine located in Indonesia, where mining activity is moving underground.
“We are effectively executing our plans to establish large-scale production from our significant high-grade, low-cost and long-lived underground ore bodies at Grasberg,” he said in the report.
PT Freeport Indonesia “continues to mine the final stages of the Grasberg open pit and currently expects to complete mining in the open pit in fourth-quarter 2019, subject to geotechnical conditions,” the report states.
Adkerson also talked about the Lone Star project in Arizona. Leachable ores from that project are planned to average around 200 million pounds of copper per year, and the mine is expected to begin production by the end of next year.
In comparison, as of Sept. 30, Chino had produced 129 million recoverable copper pounds, while Tyrone produced 37 million recoverable copper pounds, according to the third-quarter report, and confirmed by Hayes. By the third quarter of 2018, Chino had produced 126 million recoverable copper pounds, while Tyrone produced 41 million recoverable pounds.
The final initiative, according to Adkerson, is to “progress [Freeport’s] innovation initiatives to enhance productivity and grow our Americas operations with low capital intensity.”
These three “initiatives are expected to significantly enhance [Freeport’s] cost position, cash flow and the long-term value of our premier copper portfolio, providing opportunities for increased returns to shareholders,” Adkerson said in the report. “We are pleased with our progress to date and remain focused on successful execution of our plans, which would enable us to increase copper.”
“Freeport-McMoRan’s New Mexico operations contributed $177 million in direct and indirect benefits to Grant County, and $409.6 million to the state of New Mexico,” Hayes wrote in an email to the Daily Press. “Cobre [Mine] has been fully incorporated into Chino operations and continues to be a key part of Chino’s ongoing mine plan.”
In consolidated sales volume, Freeport’s third quarter of 2019 saw copper sales of 795 million pounds, which is 4 percent lower than the 830 million pounds of copper sold in the second quarter. The main reason for the drop was a drop in Cerro Verde’s mine production and the timing of shipments, “partly offset by higher production and sales from North America.” Copper sales in the third quarter of 2018 were 1.04 billion pounds.
This year’s third-quarter gold sales of 243,000 ounces were 6 percent higher than July’s 230,000 ounces of gold. Last year’s third-quarter gold sales were reported at 837,000 ounces. Molybdenum sales of 22 million pounds for this third quarter declined, compared to July’s 25 million pounds. Last year’s third-quarter molybdenum sales were the same, at 22 million pounds.
In the third quarter, North American copper sales volumes increased from 2018’s 350 million pounds to this year’s 395 million pounds. The report states that the increase is because of “higher leach production and higher mining and milling rates.”
Source : http://scdailypress.com/site/2019/11/01/freeport-no-significant-changes-at-nm-mines/
November 1, 2019
PT Bumi Resources Tbk (BUMI) announced that its total coal sales in the third quarter of 2019 reached 63.1 million tonnes, up 5% year on year (yoy).
The growth was supported by the production performance of its two subsidiaries, KPC and Arutmin, with growth of 12% and 9% yoy respectively. KPC’s total coal production in Q3 reached 45.5 million tonnes, while Arutmin’s production reached 17.6 million tonnes.
Based on the company’s financial statements, BUMI’s net profit was recorded at US$ 76 million in Q3, down 63% yoy.
Meanwhile, BUMI’s consolidated net profit from January to September (9M) in 2019 reached US$ 171 million, down 50% from US$ 343 million in the same period last year.
BUMI Director and Corporate Secretary Dileep Srivastava said that the performance drop was caused by fluctuating global cooal prices. Coal price realisation in 9M, said Mr Srivastava, fell 11% to US$ 52.6 per tonne from US$ 59.4 per tonne.
Source : https://www.idnfinancials.com/news/29823/bumi-resources-coal-sales-surge-q
November 1, 2019
PT United Tractors Tbk’s (UNTR) heavy equipment sales fell by 30% -44% in the third quarter of 2019.
As quoted from UNTR’s business development report, up to 30 September 2019, sales of Komatsu heavy equipment products was recorded at 2,568 units, down 30% compared to sales in the same period in 2018 (3,681 units). Likewise, sales of UD Truck brand fell by 37.9% from 624 units to 387 units. Finally’s sales of Scania products fell by 44% to 382 units from 683 units sold in the third quarter of 2018.
Of the total sales, 43% was made to the mining sector, 29% to the construction sector, 15% to the forestry sector, and the remaining 13% to the plantation sector.
The management of UNTR explained that the decline in sales of UD Trucks and Scania was mainly caused by the decline in coal prices, since both brands were mostly used for coal mining.
Until the third quarter of 2019, UNTR’s consolidated net income of UNTR reached Rp 65.6 trillion, an increase of 7.3% when compared to the same period in 2018.
Source : https://www.idnfinancials.com/news/29820/united-tractors-tbk-untr-heavy-equipment-sales-fell
October 28, 2019
Two Indonesian miner, PT Bukit Asam Tbk (IDX: PTBA) and PT Aneka Tambang Tbk (IDX: ANTM) plans to build a 2×45 megawatts (MW) steam power plant in East Halmahera, North Maluku, the official told the media on Monday (10/28). Both prepared investment with an investment of $185 million for the project.
Bukit Asam’ CEO Arviyan Arifin explained, the state-owned company would set up a joint venture company to run the project, with a 75 percent ownership stake for the coal miner. The project is also expected to require around 650 thousand coal consumption per year, he added.
In addition, the company also aimed to build a 2×620 MW steam power plant in Muara Enim, South Sumatra. For the first phase, the plant is targeted to be operational in 2021 and the second phase is expected to be completed in the following year.
According to finance director of the miner, Mega Satri said, to accelerate the completion of the plant, the company will inject capital of Rp400 billion (US$28.57 million). This investment is part of 2019′ capital expenditure funds, which is budgeted at Rp6.47 trillion.
To date, Bukit Asam has several steam power plants, which are located in Tanjung Enim with a capacity of 3×10 mw, in Tarahan 2×8 mw and in Banjarsari 2×110 mw.
In the third quarter (3Q) of 2019, the company booked a net profit of Rp3.1 trillion, dropped 21.08 percent compared to last year, which amounted to Rp3.92 trillion. The lower net profit was caused by the rise of the cost of revenue worth of Rp10.54 trillion.
“The biggest contribution of company’ cost came from transport costs as sales volumes and mining service costs increased,” he explained.
While, the operating revenues in the 3Q of 2019 were recorded at Rp16.3 trillion. This figure grew slightly from the achievements of the same period in 2018 of Rp16 trillion.
In detail, the contributions of revenue are from domestic market of 54 percent or Rp9.12 trillion and from the global market of 42 percent or Rp6.84 trillion. Then, from other activities such as electricity sales, briquettes, crude palm oil , hospital health services and rental services of 2 percent or Rp320 million.
In terms of volume, Bukit Asam‘ coal sales also experienced growth. During nine months of this year, unit of PT Indonesia Asahan Aluminium (MIND ID) sold 20.6 million tons of coal, up 10.7 percent from the same period in 2018.
Arifin asserted, the increase in sales was caused by the strategy to strengthen global markets such as India, Hong Kong, the Philippines and open new markets in Japan and South Korea. But, the commodity prices on the global market continued to weaken.
To that, he revealed, the average selling price of coal lowered from Rp841,655 per ton to Rp775,675 per ton. The increased sales achieved have not been able to compensate for the current low selling prices.
Source : https://theinsiderstories.com/indonesias-bukit-asam-antam-to-build-power-plant-in-east-halmahera-us185m/
October 29, 2019
Shanghai nickel prices moved higher on Tuesday October 29 after reports on Indonesia is halting nickel ore exports immediately. Indonesia’s investment agency chief Bahlil Lahadalia said on Monday October 28 that some local nickel miners had agreed to stop exporting nickel ore with immediate effect.
In addition, it was also heard that exports to be shipped from Indonesia will be bought by local smelters at an international price level, excluding taxes and transfer cost.
Some Indonesian plants confirmed that the export ban was carried out with immediate effect, while most traders and mines have not received official notice about an immediate ban, market participants told SMM.
The statement followed after a sudden check on the illegal export of nickel ore across Indonesian mines last Friday night. SMM learned that some export vessels were detained for inspection, and delivery from some mines was halted.
According to an SMM survey, the inspection targeted exports of nickel ore with a grade above 1.65% and shipments by miners without export quotas.
As of October 29, the Indonesian government has not announced specific penalties for non-compliance.
Indonesia, the world’s biggest nickel ore producer, in late-August brought forward the ban on nickel ore export to January 2020 from an original schedule of 2022.
The most-traded nickel December contract on the Shanghai Futures Exchange hit a high of 136,630 yuan/mt on October 29, the highest level over the past two weeks, before it trimmed gains and ended 0.17% lower on the day at 132,640 yuan/mt.
Source : https://news.metal.com/newscontent/100987089/Shanghai-nickel-rose-after-export-ban-report-on-Indonesian-nickel-ore/
Mining People on The Move
October 24, 2019
Appointment Of Antam’s President Commissioner As Minister Of Religious Affairs Of The Republic Of Indonesia
PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) hereby announces that ANTAM’s President Commissioners, Mr. Fachrul Razi, has recently been appointed as Minister of Religious Affairs of The Republic of Indonesia on October 23, 2019.
Following such appointment, Mr. Fachrul Razi no longer assumes his position as ANTAM’s President Commissioner since the date of his appointment as Minister of Religious Affairs of The Republic of Indonesia, in accordance with the provisions of ANTAM’s Articles of Association and compliance to the applicable regulations. The ANTAM’s Board of Commissioners and Directors would like to congratulate for a new appointment and thank Mr. Fachrul Razi for his dedication and best support to the Company during his tenure.
ANTAM published this release as part of public disclosure pursuant to the Indonesia Financial Services Authority Regulation No. 31/POJK.04/2015 on the Disclosure on Material Information or Facts by Issuers or Public Companies.
Source : http://www.antam.com/index.php?option=com_content&task=view&Itemid=144&id=1143
Mining People on The Move
October 16, 2019
BlackGold Natural Resources Chairman, Chief Executive Resigns
BLACKGOLD Natural Resources chairman and chief executive Philip Cecil Rickard is resigning in light of changes to the group’s business strategy and direction, it said on Wednesday.
Mr Rickard, 50, said he has chosen to spend time with his family, since BlackGold’s planned investment in a coal-fired power plant project in Riau, Indonesia failed to pan out. The company had announced it was pulling its plans for the project 11 months ago.
The firm was also entangled in an Indonesian power plant graft scandal last year.
Mr Rickard has helmed the company since March 2018, and will not seek re-election at the company’s upcoming annual general meeting (AGM) to be held on Oct 31.
Andreas Rinaldi, 69, has been appointed CEO-designate with effect from Wednesday. He will replace Mr Rickard as CEO after the upcoming AGM.
Philip Soh Sai Kiang will be re-designated from independent director to independent non-executive chairman of the board following the conclusion of the company’s AGM.
Source : https://www.businesstimes.com.sg/companies-markets/blackgold-natural-resources-chairman-chief-executive-resigns
Mining People on The Move
October 3, 2019
Non-executive Director Resigns
Kingsrose Mining (ASX: KRM, “Kingsrose” or “the Company”) announces that Grant Mills has submitted his resignation as a Director of the Company, effective as of 30 November 2019 and that the Company has accepted his resignation.
Mr Mills, who has been a Director of Kingsrose since August 2017, plans to focus on development of his various personal business interests.
Interim Chairman Dr Mike Andrews thanked Mr Mills for his dedication to the Company and his assistance in implementing the operational strategy.
“During his tenure on our Board Grant has fulfilled the role of non-executive director with great professionalism and diligence. On Behalf of the Board, I wish Grant all the best with his future business endeavours,” Dr Andrews said.
Kingsrose intend to appoint a new Director in due course.
Source : https://www.kingsrosemining.com.au/announcements/non-executive-director-resignation/
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