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September 2019 | Volume 38

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Weekly News

Indonesia to Drive Nickel Production Growth Up to 2028 – Fitch Solutions


Macro research firm Fitch Solutions says global nickel production growth will remain strong this year, driven by ongoing supply recovery in Indonesia and a return to positive production growth in the Philippines.

This strong production growth is despite subdued performances in major markets such as Canada, Australia and Russia.

Fitch points out that Indonesia will lead the pack, with average nickel production growth rates of 6.3% between 2019 and 2028, placing it among the top five global producers. Output in the country continues to recover following the relaxation of its export ban in January 2017.

Indonesia is expected to produce 672 000 t of nickel this year, compared with the 560.000 t produced in 2018.

Fitch Solutions expects global nickel production will grow by a yearly average rate of 3.1% from 2019 to 2028, which is slightly lower than the 4% average growth rate achieved from 2009 to 2018.

It highlights that global nickel production will reach about 3.1-million tonnes a year during the 2019 to 2028 period.

The firm adds that Australia will maintain a stable regulatory environment and solid project pipeline for nickel, while Russia will grow at the slowest rate of the top five biggest nickel producers.

Fitch Solutions estimates Australia will achieve an average production growth rate of 2.1% over the period, while Russia’s production growth will average 1.7% over the period.

Meanwhile, in the Philippines, nickel production declined by an average 12% each year from 2016 to 2018, owing to the ban on openpit mining as a result of environmental concerns.

Fitch forecasts that nickel production in the country will grow at an average 2.5% over 2019 to 2028.


Source : https://www.miningweekly.com/article/indonesia-to-drive-nickel-production-growth-up-to-2028-fitch-solutions-2019-09-09

Weekly News

BUMI, Indonesia's Largest Coal Producer, Awarded Top 3 Grand Trophy and 10 Platinum and Gold SDG Awards by ISDA 2019


PT Bumi Resources Tbk. (“BUMI”) as the Largest Coal Producer in Indonesia through its business unit PT Kaltim Prima Coal (KPC) participated in the prestigious Indonesia SDG’s Award (ISDA) 2019 event held at Menara Bidakara Jakarta. KPC received the Grand Gold Trophy as The Best of Three Companies Overall and 10 Awards Platinum and Gold. ISDA 2019 was organized by the Corporate Forum for Community Development (CFCD) in collaboration with the Ministry of National Development Planning (PPN) / National Development Planning Agency (Bappenas).

CFCD as an association that houses various companies who actively empower the community through its CSR funds, on the eve of this award ceremony announced as many as 66 companies entitled to receive awards in the platinum, gold and silver categories.

Out of the 17 Sustainable Development Goals (SDG’s), KPC has achieved 10 SDG’s Goals. The Platinum Award received by KPC is SDG’s Number 3 (Good Health and Well-Being) in the form of prevention of undernourished and malnourished toddlers and SDG’s Number 6 (Clean Water and Sanitation) in the form of the use of mining ponds as a source of raw water for Regional Drinking Water Company of Kudungga in East Kutai.

Awards from other SDG’s goals earned by KPC were SDG’s Number 2 (Zero Hunger) in the form of laying hens business (gold), then behavior change programs and improved nutritional status and health of pregnant women (gold) and HIV / AIDS prevention programs within the KPC environment (gold).

SDG’s contribution which was also received by KPC included SDG’s Number 4 (Quality Education) in the form of a culture-based school construction program at SDN 013 Keraitan Village, Bengalon, East Kutai of East Kalimantan (gold).

KPC also received an award SDG’s Number 8 (Decent Work and Economic Growth) in the form of processed elephants cassava (gold), empowering Small and Medium-Size businesses to become tough and independent (gold), SDG’s Number 11 (Sustainable Cities and Communities) in the form of the development of local batik motifs Wakaroros and Paku (gold) and SDG’s Number 15 (Life on Land) in the form of ecotourism of Mulyasari Park in the Kutai National Park area (gold). With the success of getting these 10 awards, KPC received the Grand Gold Trophy as the Best of Three Companies overall.

BUMI President Director Saptari Hoedaja said, “BUMI is strongly committed to continuing the implementation of the 17 program objectives established by the United Nations on Sustainable Development Goals in Indonesia. BUMI is a corporate citizen who has high responsibility and has the highest contribution to the national exchequer. BUMI also receives various prestigious awards for the highest royalty payments among the largest taxpayers and the largest contributor to export foreign exchange in the country. The Company is also recognized as a company with world-class standards in terms of Governance, CSR, Safety, Health and Environment, Pollution and Sustainability. Likewise, BUMI won an award as the Best Mining Business Company in Indonesia which refers to the UNGP (United Nations Guiding Principles).”


Source : http://www.bumiresources.com/en/media#news

Weekly News

Indonesian Coal Prices, Derivatives Tick Higher


A total of 15,000t of ICI 4 coal derivatives was cleared on the CME today, amid further signs that the low-calorific value (CV) Indonesian physical market is strengthening.

Today’s ICI 4 derivatives trades comprised two 5,000t November clips traded at $33/t and a 5,000t October clip traded at the slightly lower price of $32.80/t. All of today’s trades were brokered by Singapore-based Evolution.

October contracts were later bid at $32.50/t and offered at $32.95/t. By comparison, the last Argus settlement price for October ICI 4 futures was at $32.70/t yesterday, when the November settlement price was at $32.90/t.

The strengthening in the derivatives market follows a recent uptick in prices of physical Indonesian coal, which is being driven partly by renewed interest from Indian buyers that are seeking post-monsoon cargoes.

A first-half October loading geared Supramax GAR 4,200 kcal/kg cargo changed hands today at $32.50/t, in line with the current broad $31.50-33/t bid and offer range for September- and October-loading shipments.

Prices also appear to be firming slightly elsewhere in the Indonesian market, although details of fresh transactions have been slow to emerge. An October-loading GAR 5,000 kcal/kg Panamax cargo was bid today at around $47/t. There were no corresponding offers, although Argus last assessed prices of this coal on 6 September at $46.11/t.

In the Australian market, a 25,000t clip of NAR 6,000 kcal/kg coal traded at $67.75/t fob Newcastle for December loading. But that was too small and not prompt enough to fit the index that is now covering October- and November-loading cargoes.

South Korean utilities yesterday and today issued spot tenders seeking a combined 2.97mn t of coal during the fourth quarter. Some of that was minimum NAR 5,700 kcal/kg coal that could be supplied from Australia. The five state-owned utilities are seeking 905,000t of this grade of coal, with maximum 0.8pc sulphur, in a joint tender. State-owned Korean Western Power (Kowepo) is also seeking 315,000t of this type of coal in two separate tenders.

But participants expect the market to remain oversupplied while Japanese demand stays weak amid higher nuclear generation and strong inventory levels, so it is not clear that the emerging Korean demand will provide much of a boost to the market.

Coal prices in China’s domestic market continued to pick up this week amid an expected supply shortage during upcoming maintenance on the Daqin railway line. Tradeable prices of NAR 5,500 kcal/kg coal were at around 585 yuan/t today, market participants said. This was up from Argus’ last assessment of Yn582.42/t fob Qinhuangdao ($81.27/t) fob on 6 September.

In China’s futures market, the November contract on the ZCE closed at Yn591/t today, up by Yn0.6/t from yesterday.


Source : https://www.argusmedia.com/en/news/1975297-indonesian-coal-prices-derivatives-tick-higher?backToResults=true

Weekly News

Weak Coal Prices Weigh on Indonesia’s State Revenues


The Indonesian government is unlikely to achieve its non-tax state revenue (PNBP) target for the mining sector this year because of weak coal prices.

Total PNBP revenues from the mining sector had reached only 26.73 trillion rupiah ($1.9bn) as of the beginning of September, amounting to 66.77pc of the government’s 2019 target of Rp43.27 trillion, the energy ministry said.

This contrasted with a statement by the ministry in May that said collections were on track.

PNBP is income derived from companies that have been given the right to do business in sectors using the country’s natural resources and come in the form of royalty payments and land rent.

The coal mining industry accounts for roughly 80pc of the mining sector’s total PNBP collections. But weak coal prices since the start of the year have weighed on revenues.

The Indonesian HBA reference price for August was set at $72.67/t, nearly 33pc lower than a year earlier and more than 21pc lower than at the start of 2019.

Royalty payments by mining firms account for most of the PNBP revenues and these are directly linked to the HBA price. As such, changes in the HBA price have a direct impact on the amount that coal mining companies are required to pay.

Even if coal prices rise in the coming months, hitting this year’s PNBP target will be extremely difficult, the energy ministry said.

The ministry’s online PNBP monitoring system, which was launched in November last year, has been instrumental in ensuring that coal mining companies pay the correct royalties and land rental payments.

The energy ministry previously requested that the PNBP target for the mining sector be reduced to Rp37.24 trillion next year as it expected coal prices to remain below last year’s levels amid forecasts that the HBA price could average $70/t in 2020.

But the committee rejected the proposal and instead set next year’s target as Rp44.39 trillion, based on the previously agreed 2020 state budget bill. This was based on a previous forecast that the HBA would average $77/t for the whole of next year.


Source : https://www.argusmedia.com/en/news/1973653-weak-coal-prices-weigh-on-indonesias-state-revenues?backToResults=true

Weekly News

Nickel Mines Limited - Amendment to HNI Collaboration and Subscription Agreement


The Directors of Nickel Mines Limited (‘Nickel Mines’ or ‘the Company’) advise that the Company and Shanghai Decent Investment (Group) Co., Limited, the Company’s partner in the Hengjaya Nickel Industry (‘HNI’) RKEF project, have agreed to amend two material terms in the Collaboration and Subscription Agreement (‘CSA’) of September 2017 that governs the contractual rights and obligations of each party with respect to HNI.

(i) Nickel Mines currently owns 60% of HNI and has agreed to limit its contractual option to further equity interest in HNI to not more than 80% (previously 100%); and

(ii) the option period during which Nickel Mines can acquire further equity interest in HNI has been extended until 30 November 2020 (previously 31 January 2020).

These amendments align the terms of the HNI CSA with the contractual terms which govern the Company’s rights to acquire further equity interest in the Ranger Nickel Industry (‘RNI’) RKEF project.


Source : https://www.nickelmines.com.au/asx-annoucements

Weekly News

Nickel Mines Limited - Presentation to Investors


Nickel Mines Limited (‘the Company’) is pleased to release the following presentation that Managing Director Justin Werner will be presenting today at the Melbourne Mining Club’s Cutting Edge Series.

The Company notes that the presentation contains previously unreleased production and cost data from both the Hengjaya Nickel and Ranger Nickel projects, which shows both projects performing strongly and well in excess of nameplate capacity.

Yours sincerely

Richard Edwards
Company Secretary


Source : https://www.nickelmines.com.au/s/pjn10058.pdf

Weekly News

Miners Welcome Indonesian Export Ore Ban, Plan Smelting Expansion


Large mining companies on Wednesday welcomed a recent decision by the Indonesian government to move forward a ban on exporting nickel ore, as the firms aim to increase smelting output.

Top nickel ore supplier Indonesia last month said the country will stop ore export from Jan. 1, 2020, pushing forward a ban by two years and raising concerns of supply shortage as well as causing financing issues for smaller players.

But major industry players gathering at the Asian Nickel conference on Wednesday said the ban would further support the development of the nickel processing industry in the country.

“For Vale, we see Indonesia as a great opportunity to expand our production,” Steven Brown, a general manager at PT Vale Indonesia, told the conference in Jakarta.

Indonesia said it expedited the ban to reserve ore for its fast-expanding smelting industries of nickel pig iron (NPI), stainless steel and electric vehicles (EV) battery nickel.

The country first placed the nickel ore export ban in 2014, causing a price surge at the time, then relaxed it in 2017 under a quota system. Nickel prices have surged as much as 76% this year.

“If we step back and look at whether this has been a successful industrial policy for Indonesia, I think the answer to that is a resounding yes,” said Mark Selby, principal of Selby & Co.

“Tens of billions of dollars for investments coming into Indonesia, probably more in mining investment than any other developing country in the world, as a result the ore ban. Mining resources are not infinite,” Selby told the conference.

Smelting Capacity

Smelters in Indonesia in the past few years have ramped up production of NPI and ferronickel, or products made from nickel ore that are used in making stainless steel.

From nearly zero in 2014, Indonesia’s NPI output climbed to 261,000 tonnes a year in 2018 and could climb to as much as 530,000 tonnes in 2020, according to analysts’ estimate.

“The good thing is, domestically, more and more smelters apart from those owned by Antam are coming up and running,” said Dimas Wikan Pramuditho, chief finance officer of Indonesian state miner Aneka Tambang (Antam).

Antam aimed to expand its ferronickel output to 40,500 tonnes of nickel metal by next year, from 27,000 tonnes currently and planned to add at least another 93,500 tonnes of nickel in NPI and ferronickel by 2024, Antam’s commerce director Aprilandi Hidayat Setia told the conference.

Tsingshan, the biggest NPI producer in Indonesia, could add another 100,000 tonnes of nickel in NPI next year, from around 220,000 tonnes currently, a source with direct knowledge said, while PT Vale Indonesia plans to add a new ferronickel smelter and expand its existing nickel matte plant.

Nickel firms are also planning several battery nickel projects in Indonesia on the positive outlook for the EV battery sector, despite facing challenges of disposing waste financially and cleanly as well as obtaining a permit to run the projects.

Tsingshan and its partners have two battery nickel projects with combined capacity of 110,000 tonnes in nickel content and aimed to start production from end 2020, pending permits from the authority and financing, the direct source said.

PT Vale Indonesia and Sumitomo Metal Mining Co Ltd are conducting a feasibility study of a 40,000-tonne battery nickel project, while Indonesia’s Harita Group and China’s Ningbo Lygend is planning another battery nickel plant.


Source : https://www.reuters.com/article/us-nickel-indonesia/miners-welcome-indonesian-export-ore-ban-plan-smelting-expansion-idUSKCN1VW2AP

Weekly News

REFILE-Indonesia's Antam to Request Extension of Nickel Ore Export Permit


* Indonesian state miner Aneka Tambang (Antam) will propose to the government to extend until the end of the year its export permit for 1 million to 1.2 million tonnes of nickel ores that is due to expire in October, its commerce director said on Wednesday.

* Antam will also request an additional permit to allow it to export up to 5.2 million tonnes of nickel ores in 2019, Aprilandi Hidayat Setia told reporters.

* The state company welcomes the government’s decision to bring forward the deadline of nickel ore export ban to the end of 2019 because this raised nickel prices and its nickel processing capacity will increase next year, chief financial officer Dimas Wikan Pramuditho said.

* Antam’s output capacity for ferronickel will rise to 40,500 tonnes of nickel in ferronickel (TNi) next year, from 27,000 tonnes TNi now, Pramuditho said.

* Antam may also propose a 10-year extension for its mining permit in the Pongkor gold mine in West Java after it expires in 2021, Setia said.

* Such proposal depends on the result of an exploration to find more gold reserves in Pongkor that is underway, he said.


Source : https://af.reuters.com/article/commoditiesNews/idAFL3N2621UV

Weekly News

Indonesia Hikes Freeport's Copper Concentrate Export Recommendation to 700,000 T


* Indonesia’s energy ministry has approved a new recommendation for a unit of Freeport McMoran Inc to raise copper concentrate exports to 700,000 tonnes until March 2020, an official told reporters on Friday.

* The new recommendation is much higher than the initial approval for shipments of 198,282 tonnes of copper concentrates, said Yunus Saefulhak, the ministry’s director of minerals.

* Freeport’s Grasberg mine is expected to produce 1.2 million tonnes of copper concentrates this year, he said.

* Saefulhak said Freeport could export more “due to optimisation of its open pit mine”.


Source : https://af.reuters.com/article/commoditiesNews/idAFJ9N22E01R

Weekly News

Graft, Illegal Practices Plague Coal Mining in South Sumatra


Sellers Soon Required to Use Verification Certifications

Widespread illegal coal mining in South Sumatra is estimated to have caused millions of dollars in state losses, a recent antigraft agency investigation has found.

The Corruption Eradication Commission (KPK) found in August that the transport of illegally mined coal in the province, through Lampung, had been going on for years.

Dian Patria, the KPK’s regional coordinator for graft prevention coordination and supervision, said the agency had initially investigated a tipoff pertaining to unauthorized coal mines in South Sumatra. Later, the antigraft body’s team found that the commodity was being transported using a 10 ton truck from Muara Enim regency to Lampung through Martapura district, where unidentified people joined the convoy to safeguard the shipment.

In Lampung, the coal is transported by a 25 ton truck to factories or to Bakauheni Port to be later transported by ferry to Merak Port in Banten. The illicit shipments occur at midnight to avoid detection by authorities and locals.

Such illegal coal activities, Dian said, had inflicted state losses, as the state did not receive non-tax state revenue from the unlicensed practices. Aside from the financial losses, the illicit business practices have also caused environmental and social losses, ranging from damaged roads across Lampung and traffic congestion, to social conflict due to the damaged streets.

The governor of South Sumatra banned road vehicles from transporting coal through the province in 2018. In Lampung, road transportation is allowed but all road vehicles transporting commodities must obtain a permit from the province’s transportation agency.

The documented coal from South Sumatra is usually transported by train from the province to a seaport terminal owned by state-owned coal mining firm PT Bukit Asam in Panjang Port. It can also be transported using boat to Tulang Bawang regency in Lampung.

After the discovery of the illegal mining and transportation, the KPK had ordered the South Sumatra and Lampung administrations to work together to eradicate such illegal mining practices. The antigraft body also ordered Panjang and Bakauheni ports in Lampung to not issue sailing permits for any ship found carrying coal mined from illegal mines, as well as factories across Lampung to not use commodities distributed illegally.

“Such coordination was also meant to strengthen monitoring and law enforcement against transportation companies found violating the restriction [to transport the coal] in South Sumatra and Lampung,” Dian said.

The findings in Sumatra were announced only a month after the antigraft body found unauthorized coal mining operations within an oil palm concession owned by PT Surya Jorong Lestari in Tanah Laut regency, South Kalimantan. It is against the law to mine in a plantation concession.

KPK adviser Budi Santoso said the antigraft body had cracked down on unauthorized mining to prevent graft.

“Potential state income was wasted due to mismanagement,” Budi said as quoted by Antara.

This is not the first time reports of state losses in the coal mining sector have come to light. Indonesia Corruption Watch (ICW) released a study last year showing that around Rp 365 trillion (US$25 billion) worth of coal transactions between 2006 and 2016 had gone unreported, potentially causing state losses. About Rp 113 trillion of the sum was related to royalties and taxes, due to mismatches in export volume and transfer pricing.

The South Sumatra administration said it had reported the alleged illegal coal mining to the antigraft body, as it found a number of illegal coal mines across the province.

According to the provincial administration, it had found an unauthorized underground coal mine at Tanjungenim in Muara Enim regency. The administration also suspended 68 mining permits and closed down 12 illegal coal selling points in Tanjung Lago.

“In terms of royalties, we may have suffered state losses of around Rp 54 billion annually from one mining location alone,” South Sumatra Energy and Mineral Agency head Robert Heri said.

A mine is considered illegal if the company managing it does not have official records and proof that it has paid coal royalties to the government. Mining permit holders are also obliged to pay a guarantee fund for post-mining reclamation.

The Energy and Mineral Resources Ministry’s coal supervisory and business director, M. Hendrasto, said the ministry would require coal sellers to use sales verification certificates for their products.

The certificates would show data about the commodity, such as where it is mined and whether the company selling it has obtained all necessary permits.

“Every port authority will be authorized to hold ships carrying unidentified coal,” Hendrasto said. He added that the ministry would require coal mining and selling companies to use the certificate starting on Sept. 10.

Meanwhile, coal mining companies operating in South Sumatra have complained about the restriction on transporting coal by road. Mining company PT Buana Eltra said that it had been forced to stop the operation of its mine in Ogan Komering Ulu regency because the mine was not connected to a railroad or river transportation network.

“We have all the permits. I hope the government finds a solution soon, as this has affected around 1,000 workers,” the company’s legal manager, Jontan Nober, said.


Source : https://www.thejakartapost.com/news/2019/09/11/graft-illegal-practices-plague-coal-mining-south-sumatra.html

Weekly News

Indonesia Sets Coal Reference Price at 65.79 USD per Ton for September


The Indonesian Energy and Mineral Resources Ministry has set the country’s coal reference price known as coal benchmark price (HBA) at 65.79 U.S. dollars per metric ton for September, spokesman of the ministry Agung Pribadi said on Monday.

The HBA dropped down from 72.67 U.S. dollar per metric ton for August, the spokesman said.

Global economic uncertainty amid weakening demand from Europe has eroded exports of one of Indonesia’s major exported products, Agung said.

From January to September, the spokesman said, the average of Indonesia’s coal reference price touched 81.92 U.S. dollars per metric ton, media reported.

The Indonesian reference price for thermal coal is the basis for setting up the prices of the country’s 77 coal products and gauging the royalty producers have to pay for each metric ton of coal sold.

The Southeast Asia’s biggest economy is the world’s largest exporter and producer of thermal coal. Indonesia’s coal reserve is estimated at 26.2 billion tons, according to the ministry.


Source : http://www.xinhuanet.com/english/2019-09/09/c_138378748.htm

Weekly News

Indonesia’s Latest Flip-Flop on Speeding up Ban on Nickel-Ore Exports could Scare Away Investors


  • Southeast Asia’s biggest economy speeds up ban on nickel-ore exports by two years
  • Nickel prices soared on supply concerns

Indonesia’s surprise plan to roll out a ban on nickel-ore exports two years early could scare foreign investors away from Southeast Asia’s biggest economy, analysts say, as it cements a reputation for policy flip-flops.

Nickel prices soared this week on supply concerns after Indonesia, the world’s top producer, announced the ban would start next year instead of 2022 in a bid to process more minerals at home.

Ending exports of bauxite, used to make aluminium, and copper concentrates is still slated for 2022.

The sprawling archipelago has some of the world’s most abundant natural resources. But critics say it repeatedly comes up with poorly thought-out and nationalistic economic policies that make it an uncertain place to invest.

“This decision casts huge doubt in people’s minds about the reliability and consistency of Indonesian government policy,” said Bill Sullivan, a Jakarta-based lawyer and mining expert.

“It’s just a wonderful example of something that plays to the very worst fears of foreign investors … Changing at the drop of a hat and without warning,” he added.

The faster timeline has also alarmed some Indonesian miners who thought they had more time before the ban came into effect.

Indonesia 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 home-grown smelters – which extract base metals from ore.

“There have been so many U-turns it would make your head spin,” Sullivan said.

Indonesian officials said they want to speed up construction of smelters to churn out higher-value 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 government wants to become a global player and enter the lithium battery supply chain given the raw materials Indonesia has,” Luhut Pandjaitan, coordinating minister overseeing mining, said this week.

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.

“Accelerating the export ban is a good thing,” said Marwan Batubara, executive director of think tank Indonesian Resources Studies.

But some foreign miners, including US-based Newmont, have been turning away from Indonesia in recent years, as it pushed overseas firms to comply with new ownership rules designed to give the country more control of its plentiful resources.

Last year, Indonesia finalised a deal with US mining giant Freeport-McMoRan to take a 51 per cent stake in Grasberg, site of the world’s biggest gold mine, after years of bitter negotiations. Freeport continues to operate the giant gold-and-copper facility in easternmost Papua.

“This is not favourable for foreign investment,” Sabrin Chowdhury, a senior commodities analyst at Fitch Solutions in Singapore, said of the latest move, adding that previous government policies had forced “a lot of foreign miners leave”.

Switching to higher-value mining exports could help plug a gap in Indonesia’s trade balance, as it courts carmakers to invest in electric-vehicle facilities, including Toyota and Korea’s Hyundai.

The very immediate implication is that nickel prices are soaring and this benefits local miners,” Chowdhury said.

“Indonesia is the world’s largest producer of nickel ore which is used extensively in EV batteries so it makes sense to invest in the country if you are an electric-vehicle maker.

“But considering how uncertain Indonesian politics is, if I were an investor I’d think twice.”

While the ban may help boost the economy as president Joko Widodo kicks off a second term, it also threatens to scare away firms in capital-intensive industries that may be eyeing investments in Indonesia, Sullivan said.

“The irony is that is precisely the kind of industry that Indonesia is trying to attract.”

“We need to maintain our stocks for domestic needs. Many factories and smelters won’t have enough raw materials otherwise.”


Source : https://www.scmp.com/business/companies/article/3026239/indonesias-latest-flip-flop-speeding-ban-nickel-ore-exports

Weekly News

INCO Supports the Government's New Policy Regarding Nickel Export Ban


PT Vale Indonesia Tbk (INCO) is ready to support the government’s policy that made the ban on nickel exports applies sooner.

Nico Kanter, President Director of PT Vale Indonesia Tbk, considers this policy as a positive step, not only for Vale Indonesia, but also for the Indonesian government. “Vale has always supported the downstreaming of minerals in Indonesia, even from the beginning, we indeed had smelters and never exported ore,” he said as quoted by Kontan.o.id, Friday (6/9).

Starting from 1 January 2020, nickel ore with levels below 1.7% may no longer be exported. This rule will be implemented two years earlier than the original plan of 2022. This policy was issued by the government so that the development of smelter construction, especially nickel, can run faster.

The new policy, Nico said, would support the government’s plan for the development of the electric vehicle industry, as stated by the government earlier.

During the first semester of this year, INCO produced 30,711 tonnes of nickel. This year, the company is targeting production of 72,000 tonnes.

INCO’s production fell by around 14%  in the first semester of 2019 due to the maintenance of Larona Canal or Larona Canal Lining. This activity is the maintenance of canals to ensure water supply to the Larona power plant.


Source : https://www.idnfinancials.com/news/28386/inco-supports-government-policy-nickel-export-ban

Weekly News

Live Futures Report 11/09: Mixed Moves in SHFE Base Metals Prices Continue Despite Easing Trade Tensions; Al Buoyed


As they have done throughout most of this week, base metals prices on the Shanghai Futures Exchange gave mixed performances during morning trading on Wednesday September 11.

Risk appetite was buoyed slightly this morning by reports that China will buy more US agricultural products to facilitate a better trade deal ahead of scheduled talks between top US and Chinese negotiators in Washington early next month.

Aluminium and zinc recorded marginal gains amid the easing trade tensions as well as optimism surrounding the metals’ own fundamentals, while the rest of the complex trended downward as investors continued to mull recent economic data.

On Tuesday, data from China showed that consumer inflation rose more than expected last month with a 2.8% year-on-year gain. The producer price index, meanwhile, unexpectedly fell by 0.8% over the same comparison to record its quickest decline in three years.

The lackluster trading could also be attributed to investors awaiting upcoming central bank meetings, including the US Federal Reserve and European Central Bank (ECB), both of which are widely expected to announce monetary stimulus measures. The ECB meets on Thursday, while the Federal Reserve meets on September 17-18.

In aluminium, the most-traded November contract on the SHFE rose to 14,385 yuan ($2,022) per tonne as at 10.23am Shanghai time, up by 30 yuan per tonne – or 0.2% – from Tuesday’s close of 14,355 yuan per tonne.

Light metal prices have found support from news that following its decision to suspend the export of nickel ore from next year, Indonesia is mulling a further ban on the export of bauxite, triggering concerns of a shortfall in aluminium raw materials.

“Aluminium prices jumped after US producer Alcoa warned of possible supply disruptions in Indonesia. A ban on exports of bauxite in Indonesia could be enough to wipe out the global surplus of the ore,” analysts with ANZ Research said in a morning note.

Copper, on the other hand, failed to respond positively to the renewed macroeconomic optimism, hindered by weakness in the Chilean peso and renewed strength in the dollar, according to Fastmarkets’ analyst Boris Mikanikrezai.

The most-traded November copper contract fell to 47,230 yuan per tonne as at 10.23am Shanghai time, down by 200 yuan per tonne – or 0.4% – from Tuesday’s close of 47,430 yuan per tonne.

“The consolidation in copper prices is partly attributed to renewed weakness in the Chilean peso, with the USD/CLP up 0.5% so far this week, after a decline of 0.6% last week. The renewed strength in the dollar is driven by the rise in yields after the market’s bond pricing was too aggressive,” Mikanikrezai said.

After dropping to 98.079, the lowest point since late August, the dollar index recovered slightly and climbed up to an intra-day high of 98.465 on Tuesday. The index was up 0.01% to 98.35 as at 10.49am Shanghai time this morning.

Other Highlights

  • Zinc was the outperformer of the SHFE base metals complex this morning, with the metal’s most-traded November contract rising by 75 yuan per tonne – or 0.4% – from Monday’s close of 19,025 yuan per tonne.
  • In data on Tuesday, the United States’ Jolts job openings for July fell to 7.22 million, missing an expected reading of 7.31 million and down from 7.25 million in June.
  • It is a light day for data on Wednesday, with US producer prices and crude oil inventories of note.

Source : https://www.metalbulletin.com/Article/3893592/LIVE-FUTURES-REPORT-1109-Mixed-moves-in-SHFE-base-metals-prices-continue-despite-easing-trade.html

Weekly News

Pacific Rim Confirms Drilling and Extends High-Grade Nickel-Cobalt Mineralization in Indonesia


Pacific Rim Cobalt Corp announced results from its ongoing 2019 shallow diamond drilling program at its flagship Cyclops Project, focused on nickel/cobalt development, in Papua Province, Indonesia. The drilling is part of a multi-faceted exploration program aimed at confirming historical results and structuring the go-forward development plan. The program was completed on the target plateau area developed over a lateritized upfaulted block of peridotite in order to test the continuity of the mineralized laterite profiles.

The total program involved the following:

75 drill holes varying in depth from 10 -29 metres

1019.5 metres drilled

898 samples assayed to date

51 Auger holes drilled to a depth of between 1–3 metres

11 test-pits completed for bulk sampling ranging in depth from 2–6 metres

The completion of this phase of the drill program was completed in the north block, a follow up with a 50 metre x 50 metre grid to test the continuity of previously encountered elevated zones of Ni and Co on the broad 100 metre x 100 metre grid. The mineralized laterite profile within the drilled area was found to be continuous over a zone of 600 metres x 300 metres with nickel values of interest from the surface to maximum depths of 16 metres within the saprolite zone. The overlying surface limonite zone consistently contains elevated cobalt and nickel values.

The eastern boundary of mineralized zone is confined by the edge of the up faulted block with the thickest and better grade intersections occurring on the western boundary of this area which extends into the main laterite area.

The drilled area overall is open to the west and south-west as it forms the eastern part of the main laterite zone where historic drilling encountered significant nickel and cobalt values.

Mr Ranjeet Sundher, President and Chief Executive Officer of Pacific Rim Cobalt said that “The Company is very pleased with this latest round of drill results. The elevated nickel values are of significant importance, considering the commodity’s recent price increase and the role it plays in the battery metals supply chain. We are optimistic about the unique possibility of developing this project into an asset that will add shareholder value.”


Source : https://steelguru.com/mining/pacific-rim-confirms-drilling-and-extends-high-grade-nickel-cobalt-mineralization-in-indonesia/548190

Weekly News

Indonesia to Consider Expediting Export Ban on Bauxite, Others


* Indonesia will consider expediting an export ban on minerals such as bauxite, tin, and alumina, among others, subject to the scale of investment, a senior minister said on Thursday.

* This comes after the country last week announced a surprise nickel ore exports ban, two years earlier than planned.

* Under the current rules, exports of bauxite is allowed till January 11, 2022.

* “Later on, if we already have investors coming in for down-streaming in tin, asphalt, alumina, bauxite, and so on, why not?” Coordinating Maritime Affairs Minister Luhut Pandjaitan told reporters when asked about a timeline.

* According to the minister, talks are going on with several firms who are interested in investing in bauxite processing plants, including with Japanese companies.


Source : https://www.reuters.com/article/indonesia-metals/indonesia-to-consider-expediting-export-ban-on-bauxite-others-idUSL3N2631IS

Weekly News

Goldman Sachs Predicts that Nickel Price will Rise due to Indonesia's New Policy


Goldman Sachs raised its estimated nickel price for the next 12 months by around 37.5% from US$ 16,000 per ton to US$ 22,000 per ton, because nickel supply from Indonesia is predicted to decrease.

Previously, the Ministry of Energy and Mineral Resources (ESDM) had announced that the Indonesian government would ban the export of nickel in 2020. This was done to secure Indonesia’s nickel reserves, which was recorded at 689 metric tons.

“The government needs to take anticipatory steps so that the reserve age can meet the economic age of the smelter,” Bambang Gatot Ariyono, Director General of Mineral and Coal, was quoted as saying by Kontan.

Indonesia alone contributed 560 thousand tons of nickel during 2018, from 2 million tons of total production in the world. The International Study Group’s research said that the nickel market this year will have a worse deficit than 146 thousand tons last year.


Source : https://www.idnfinancials.com/news/28402/goldman-sachs-predicts-nickel-price-rise-indonesia-policy

Weekly News

Indonesian Export Ban on Bauxite Impacts Little on Aluminum Industry


The Indonesian Coordinating Maritime Affairs Minister Luhut Binsar Pandjaitan said on Monday (September 9th) that Indonesia was studying to accelerate the export ban on bauxite. However, it was thought that the policy will have little impact on aluminum industry.

Indonesia had banned the bauxite exports in 2014 and resumed exporting in 2017. During the period of the export ban, the bauxite supply from Indonesia has gradually been replaced by Australia and Guinea, and the impact on prices will also weaken.

Also, Indonesia has already dropped to the third-largest bauxite importer for China since the proportion of bauxite imports from Guinea has been increasing year by year, showing that the Chinese dependence on Indonesian bauxite imports has declined significantly.

Moreover, the high inventory was also the reason for the little effect on aluminum industries by Indonesian bauxite export ban, and other countries could even fill the supply gap for a long time, such as the sources from Australia and Guinea.


Source : https://yieh.com/en/NewsItem/108013

Weekly News

Indonesia Sees China as Ally as It Weighs Bans on Exporting Minerals


Indonesia, which is weighing an early ban on exports of bauxite and copper concentrates, is betting on Chinese companies to add to the billions of dollars of investment in building smelters and processing plants.

Making a deal with China is “simple,” as the country “is willing to meet any request from us,” said Coordinating Minister of Maritime Affairs Luhut Binsar Pandjaitan, who also oversees mining. “The most important thing is how Indonesia can protect its national interest, not the origin of investment,” he said.

Indonesia expects the export ban to lure about $20 billlion in fresh investment into nickel and related projects by 2024. Several overseas firms are planning battery-grade nickel facilities in Indonesia, including China’s Tsingshan Holding Group Co. and PT Vale Indonesia, a unit of the Brazilian mining giant. Investments have totaled about $9 billion so far, Pandjaitan said.

Resource Nationalism on the March as Indonesia Tightens Curbs

Indonesia last month jolted the metals market by expediting a ban on nickel ore exports by two years to force miners to build smelters to locally process the ore used in stainless steel and lithium-ion battery. It’s now studying bringing forward export curbs on bauxite, asphalt and copper concentrates in line with President Joko Widodo’s efforts to transform the country into a processor of major minerals.

“We just realized that asphalt can be used as propellant for a rocket. Hence, why should we export the raw materials? Why don’t we have the downstream industry here?” Pandjaitan told a forum in Jakarta on Thursday. “The question is where does the technology come from? Well, again, the one that can make it easy is China.”

Chinese investment in Indonesia soared significantly in Widodo’s first term, resulting in occasional anti-Chinese sentiments in Southeast Asia’s largest economy. But Pandjaitan doesn’t mind the source of the investment as long as companies “bring the environmentally-friendly, first-class technology, and help educate the locals.”

“Some people say, Luhut is a Chinese agent. Others say that I am the honorary ambassador of China. It’s just a prattle,” he said.


Source : https://www.bloomberg.com/news/articles/2019-09-13/indonesia-sees-china-as-ally-in-its-resource-nationalism-drive

Weekly News

METALS - Shanghai Nickel Jumps Ahead of Key Indonesia Meet


Shanghai nickel rose sharply in early trade on Tuesday as fears of a supply shortage persisted after top miner Indonesia expedited a ban on nickel ore exports, while market participants awaited clues from a key conference on the metal in Jakarta.

Traders of the metal used to make stainless steel and electric vehicle batteries have started arriving in Indonesia, which will ban nickel ore exports from January 2020, for the Asian Nickel conference on Wednesday and Thursday.

FUNDAMENTALS

* NICKEL: The most-traded November nickel contract on the Shanghai Futures Exchange rose as much as 3.4% overnight and was up 2.6% at 143,940 yuan ($20,221.97) a tonne as of 0225 GMT. Three-month London nickel climbed for a third session, rising 0.4% to $18,120 a tonne after closing up 2.1% on Monday.

* COPPER: LME copper gained 0.3% to $5,832 a tonne after two days of modest declines despite weak economic data from top consumer China, while ShFE copper was flat at 47,410 yuan a tonne.

* CHINA: Factory gate prices contracted for a second month in August and at a sharper rate. The producer price index (PPI), a key barometer of corporate profitability, dropped 0.8% from year earlier, the National Bureau of Statistics said, the worst year-on-year contraction since August 2016.

* LEAD: Henan Yuguang Gold and Lead, China’s top lead producer, has cut refined lead production by 30% since Sept. 5 to carry out maintenance on one of its smelting lines, according to a company official.

* LEAD SPREAD: The premium of cash LME lead over the three-month contract CMPB0-3 stood at $13.50 a tonne on Monday, versus a discount of $9.50 at the start of the month, indicating tightening supply.

* COLUMN: Copper last week hit a year-to-date low of $5,518 per tonne in the London market as the macroeconomic picture becomes ever gloomier.

MARKETS NEWS

* Bond prices edged lower on Tuesday after German bund yields hit a one-month high following a report by Reuters that Germany is considering a “shadow budget” to allow the government to circumvent its strict national debt rules.

DATA AHEAD (GMT)

0830 UK Claimant Count Unem Chng Aug

0830 UK ILO Unemployment Rate July

PRICES

BASE METALS PRICES 0225 GMT

Three month LME copper 5832

Most active ShFE copper 47410

Three month LME aluminium 1799

Most active ShFE aluminium 14355

Three month LME zinc 2313

Most active ShFE zinc 18985

Three month LME lead 2095

Most active ShFE lead 17460

Three month LME nickel 18120

Most active ShFE nickel 143920

Three month LME tin 17235

Most active ShFE tin 139840

BASE METALS ARBITRAGE

LME/SHFE COPPER LMESHFCUc3 537.24

LME/SHFE ALUMINIUM LMESHFALc3 -126.51

LME/SHFE ZINC LMESHFZNc3 187.22

LME/SHFE LEAD LMESHFPBc3 -181.11

LME/SHFE NICKEL LMESHFNIc3 -4624.25

($1 = 7.1180 Chinese yuan)


Source : https://af.reuters.com/article/metalsNews/idAFL3N2610LR

Weekly News

J Resources Will Issue the Shelf Registration Phase II Worth of Rp 500 billion


PT J Resources Asia Pasifik Tbk (PSAB) offers the Shelf Registration I Phase II 2019 amounting of Rp 500 billion. The bond will offer to the investor on September 20, 2019.

Based on the company’s prospectus, the bond will be issued scriptless with nominal 100% of the principal obligation with period three years and the interest rate of 10.50% per annum. The Obligation will be guaranteed with full commitment and the interest will pay every three months.

The obligation fund will be used to debt refinancing to the PT Bukit Makmur Widya, an affiliation of the company and PT J Resources Nusantara. On June 30, 2019, Group J Resources’s liabilities has recorded of US$ 577.4 million consisting of the current liabilities of US$ 180.5 million and US$ 396.9 million, respectively.


Source : https://www.idnfinancials.com/news/28451/resources-issue-shelf-registration-phase-worth

Weekly News

Asiamet Resources – 2019 Interim Financial Statements


Asiamet Resources Limited (“Asiamet” or the “Company”) is pleased to present its unaudited interim financial statements for the 6 months ended 30 June 2019 (“Financial Statements”) as extracted from the Company’s 2019 Half Year Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy. The Financial Statements should be read in conjunction with the 2019 Half Year Report which contains the notes to the Financial Statements.

All dollars in the report are US$ unless otherwise stated.

Key Operating highlights include:
• Feasibility Study for the BKM Copper Project in Central Kalimantan completed
• Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)
• Updated JORC Mineral Resource estimate for the BKM Copper Project
• Maiden JORC Ore Reserve estimate for the BKM Copper Project
• Updated JORC Mineral Resource estimate for Beutong
• Private Placement of $2 million to long term shareholder ASIPAC Group

Financial highlights for the six months ended 30 June 2019 include:
• 2019 loss $4.2 million (2018: loss $6.2 million)
• Closing cash as at 30 June 2019 $0.46 million (31 December 2018: $2.68 million)
• The Company has no debt

Key events post 30 June 2019 include:
• On 20 August 2019 the Company completed an equity raise with gross proceeds of $2.1 million
• On 21 August 2019, a MoU was signed with China NFC for value engineering and Engineering, Procurement and Construction Management (EPCM) Services for the BKM Copper project

ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited


Source : http://asiametresources.com/regulatorynews/2019/09/13/2019-interim-financial-statements/

Weekly News

Coal Prices Gradually Hike due to Increasing Demand in China


The Newcastle coal price at ICE Futures for the October 2019 delivery contract strengthened from US$ 65.75 per tonne on September 2, 2019 to US$ 68.2 at the close of trading on Thursday (12/9).

The price increase was reported following a report from China’s General Administration of Customs (GAC) on Sunday (8/9) which recorded an increase in coal import volume in China throughout August 2019. The total import volume of thermal and coking coal during the period was recorded at 32.95 million tonnes, up 14.9% year on year (yoy).

In its report, S&P Global explained that a number of power plants in China have announced their coal delivery contracts. However, several sources told S&P Global that market players in the coal sectors are still convinced the Chinese government will maintain control of import volume in a safe level.

In 2018, China became the world’s largest coal consumer with import volume of 281.23 million tonnes. In April 2019 the Chinese government announced that this year’s coal import would be reduced by around 10-12 million tonnes to increase domestic production.


Source : https://www.idnfinancials.com/news/28574/coal-prices-gradually-hike-increasing-demand-china

Weekly News

Nickel Ore Export Ban will Affect Central Omega Resources' Performance


The nickel ore export ban, which will be implemented starting from 1 January 2020, is predicted to have an impact on the performance of PT Central Omega Resources Tbk (DKFT). This is because the company has been exporting nickel ore since 2011.

Johanes Supriadi, Corporate Secretary of DKFT, did not deny that this regulation would affect the company’s performance by reducing its revenue from the mining sector. But he argued that the lost revenue would later be replaced by the revenue from ferronickel sales.

This year, DKFT targets sales of 1.01 million tons. The details are 200,000 metric tons of nickel ore to the smelter, while 818,000 metric tons will be sold to the export market. The nominal target for DKFT sales by the end of 2019 is Rp 1.04 trillion with a net profit of Rp 46.45 billion.

The export ban, said Johanes, would later have an impact on the reduced supply of nickel ore in the market. As a result, the price of nickel will also be raised along with the reduction in nickel stock.

Johanes hopes that the regulation on export bans can have a positive impact on the country’s nickel industry, especially in the development of smelters.


Source : https://www.idnfinancials.com/news/28514/nickel-ore-export-ban-affect-central-omega-resources-performance

Weekly News

Bukit Asam Will Stop Its Exploration Activities until March 2020


PT Bukit Asam Tbk chose not to conduct exploration activities until March 2020, since coal prices were still in a downward trend.

Corporate Secretary of PT Bukit Asam Tbk, Suherman explained that the company would not carry out any exploration activity until March 2020.

“The company does not carry out exploration activities to add resources outside the area that has an exploitation permit,” Suherman wrote in the disclosure of information on the Indonesia Stock Exchange (IDX) on Wednesday (11/9).

Previously, PTBA had explained that the company would continue to implement a production strategy that maintained profit amid the downward trend in coal prices.

In this case, PTBA will continue to produce high-calorie coal (HCV). However, the company will reduce sales if there is no long-term contract. PTBA also prioritizes increasing domestic sales, because they see this market as more profitable.


Source : https://www.idnfinancials.com/news/28504/bukit-asam-exploration-activities-march

Weekly News

Asiamet Resources – 2019 Interim Financial Statements


Asiamet Resources Limited (“Asiamet” or the “Company”) is pleased to present its unaudited interim financial statements for the 6 months ended 30 June 2019 (“Financial Statements”) as extracted from the Company’s 2019 Half Year Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy. The Financial Statements should be read in conjunction with the 2019 Half Year Report which contains the notes to the Financial Statements.

All dollars in the report are US$ unless otherwise stated.

Key Operating highlights include:
• Feasibility Study for the BKM Copper Project in Central Kalimantan completed
• Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)
• Updated JORC Mineral Resource estimate for the BKM Copper Project
• Maiden JORC Ore Reserve estimate for the BKM Copper Project
• Updated JORC Mineral Resource estimate for Beutong
• Private Placement of $2 million to long term shareholder ASIPAC Group

Financial highlights for the six months ended 30 June 2019 include:
• 2019 loss $4.2 million (2018: loss $6.2 million)
• Closing cash as at 30 June 2019 $0.46 million (31 December 2018: $2.68 million)
• The Company has no debt

Key events post 30 June 2019 include:
• On 20 August 2019 the Company completed an equity raise with gross proceeds of $2.1 million
• On 21 August 2019, a MoU was signed with China NFC for value engineering and Engineering, Procurement and Construction Management (EPCM) Services for the BKM Copper project

ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited


Source : http://asiametresources.com/regulatorynews/2019/09/13/2019-interim-financial-statements/

Weekly News

J Resources Will Issue the Shelf Registration Phase II Worth of Rp 500 billion


PT J Resources Asia Pasifik Tbk (PSAB) offers the Shelf Registration I Phase II 2019 amounting of Rp 500 billion. The bond will offer to the investor on September 20, 2019.

Based on the company’s prospectus, the bond will be issued scriptless with nominal 100% of the principal obligation with period three years and the interest rate of 10.50% per annum. The Obligation will be guaranteed with full commitment and the interest will pay every three months.

The obligation fund will be used to debt refinancing to the PT Bukit Makmur Widya, an affiliation of the company and PT J Resources Nusantara. On June 30, 2019, Group J Resources’s liabilities has recorded of US$ 577.4 million consisting of the current liabilities of US$ 180.5 million and US$ 396.9 million, respectively.


Source : https://www.idnfinancials.com/news/28451/resources-issue-shelf-registration-phase-worth

Mining People on The Move

Nusantara Resources Limited - Neil Whitaker


Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS) is pleased to announce the appointment of Mr Neil Whitaker as its new Chief Executive Officer with effect from 26 August 2019.

Nusantara is an ASX-listed gold development company with its flagship Awak Mas Gold Project located in South Sulawesi – Indonesia. The Company is engaged in financing discussions with the intent of moving the projected 100,000 ounce per year1 project into development in 2020.

Neil has over 40 years’ experience in the mining sector and has held operating and senior executive roles with companies such as Anglo American, Western Mining Corporation, Clough Indonesia (Petrosea Tbk) and Newcrest Mining. Neil has extensive international operating experience with a demonstrated background in leading resource companies through the transitional stages of the full project life cycle. Having previously worked in the Asia-Pacific region and more specifically as the Chief Operating Officer for PT Petrosea Tbk (a subsidiary of our Indonesian strategic partner), Neil has relevant experience which will place him in good stead to drive the Awak Mas Gold Project into the next phase towards development.

The role is Jakarta based and we anticipate that the established associations which Neil holds with the Indonesian community and senior government officials, will further strengthen our existing relationships as we look to build a successful and highly regarded operating business.

Executive Chairman, Greg Foulis, will continue in the Executive Chairman role for a short period as Neil establishes himself with the Company.

Nusantara Resources Limited’s Executive Chairman Greg Foulis said, “We are very pleased to have Neil join the team during this exciting time for the Company. I am confident that his significant experience and relevant Indonesian expertise will enable the business to successfully transition into
development and deliver another world class gold mine in the Asia-Pacific region”.


Source : https://nusantararesources.com/asx-announcements

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