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Indonesia to pay $3.85bn for majority stake in Freeport's Grasberg copper mine

By: Reuters     12th July 2018 Indonesia on Thursday struck an agreement with Freeport-McMoRan and Rio Tinto to buy a controlling stake in the world's second-biggest copper mine via a series of transactions valued at $3.85-billion. The heads of agreement establishes a structure for Indonesia, through its state-owned mining... 

Indonesia reaches preliminary deal with Freeport on Grasberg

By: Bloomberg     12th July 2018 Indonesia has struck an “initial agreement” to take majority ownership of Freeport-McMoRan’s giant Grasberg copper and gold mine, President Joko Widodo told reporters in Jakarta on Thursday. State-owned PT Indonesia Asahan Aluminium, also known as Inalum, will end up with a 51% stake,... 

Indonesia extends permit for giant Freeport copper mine as talks continue

By: Reuters     4th July 2018 Indonesia has extended a temporary operating permit for Freeport McMoRan's Grasberg project, the world's second-biggest copper mine, until the end of the month while discussions continue over long-term rights. Freeport's local unit, PT Freeport Indonesia (PTFI), has been given a temporary... 

Indonesia’s Inalum close to acquiring Rio interest in Grasberg copper mine

By: Reuters     1st July 2018 Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government officials said on Saturday. Situated in Indonesia's eastern-most province of Papua, Grasberg, the world's... 

Forevermark launches in Indonesia

By: Anine Kilian     12th April 2018 The De Beers Group has launched its Forevermark diamond brand in Indonesia. For the market launch, Forevermark will partner with Indonesia’s premier jewellery company, Central Mega Kencana (CMK).  

Noble survival threatened as miner sues to end coal deal

By: Bloomberg     23rd March 2018 Noble Group’s week of woe just got a lot worse as the trader, which has defaulted and seen founder Richard Elman quit the board, was sued by an Indonesian coal miner for more than a quarter of a billion dollars in a case that may jeopardise some of its remaining business. In addition to the sum... 

Indonesian President wants to wrap up talks over purchase of Freeport unit by end-April

By: Reuters     5th March 2018 Indonesia's President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan's local unit by the end of April, a Cabinet Minister said on Monday. "According to the President, it should be wrapped up before the end of April,... 

Major quake cuts communications, halts oil and gas operations in Papua New Guinea

By: Reuters     26th February 2018 At least one company began evacuating non-essential personnel after a powerful 7.5 magnitude earthquake hit Papua New Guinea's energy-rich interior on Monday, causing landslides, damaging buildings and closing oil and gas operations. The tremor hit in the rugged, heavily forested Southern... 

Freeport, Amman awaiting green light on 2018 Indonesia copper exports

By: Reuters     15th February 2018 The Indonesian unit of Freeport-McMoRan and fellow copper miner Amman Mineral Nusa Tenggara (AMNT) are waiting for last-minute mining ministry approvals to their applications to extend copper concentrate exports, company officials said. Freeport's export permit for Grasberg, the world's... 

Coal buyers spooked by Indonesia's new shipping rules – association

By: Reuters     8th February 2018 Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would restrict exports to Indonesian vessels, an industry association said on Thursday. Jakarta issued rules in October requiring coal and palm oil... 

Rio Tinto talks loom as a lifeline for Freeport in Indonesia

By: Bloomberg     26th January 2018 When it comes to finally reaching a deal to secure Freeport-McMoRan’s long-term right to keep mining in Indonesia, the ball appears to be firmly in Rio Tinto Group’s court. Over an almost two-hour conference call Thursday, CEO Richard Adkerson made it clear that the company’s efforts to get a... 

Eyeing China, US moves to strengthen Indonesian defence ties

By: Reuters     23rd January 2018 US Defense Secretary Jim Mattis said on Monday he would explore deepening defence ties during a visit to Indonesia, a country that appears increasingly ready to assert its sovereignty in the contested South China Sea. Mattis, ahead of talks in Jakarta, raised the possibility of greater maritime... 

Indonesia lays groundwork for transfer of Grasberg mine to local control

By: Reuters     12th January 2018 Indonesian regional and central government officials on Friday signed an agreement with state holding company PT Inalum that lays the foundation for the transfer of Freeport-McMoRan's giant Grasberg copper mine to local control. Indonesia and Papua have long pushed for greater control over... 

Indonesia hopes to finalise Freeport contract talks by June

By: Reuters     11th January 2018 Indonesia hopes to finalise contract talks with Freeport McMoRan over the Grasberg copper mine by June, although divestment issues are still unresolved, a mining ministry official said on Thursday. Indonesia and Freeport formed a framework agreement in August to transfer the company's rights to... 

Rio Tinto not expected to relinquish interest in Freeport Indonesia until 2022 – govt official

By: Reuters     15th December 2017 Rio Tinto is not expected until 2022 to relinquish its interest in the giant Grasberg copper mine in Indonesia operated by the local unit of Freeport McMoRan, a government official said on Friday. "In 2022 it will automatically convert to a shareholding," the official said, referring to Rio's... 

Rio is said to hold talks with Indonesia on Grasberg mine exit

By: Bloomberg     20th October 2017 Rio Tinto Group has held talks with Indonesian groups, including State-owned PT Indonesia Asahan Aluminium, about a possible exit from its interest in the giant Grasberg copper and gold operation, according to people with knowledge of the matter. Executives at Rio held meetings in recent weeks,... 

Freeport seen facing more battles over world's top gold mine

By: Bloomberg     18th September 2017 The landmark deal that forced Freeport-McMoRan to cede controlling interest in the world’s biggest gold mine and second-largest copper mine to Indonesia may not be the final outcome as both sides prepare for a politically charged fight over the price of the asset and how it will be run, according... 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

Indonesia allows exports from Freeport mine in stop-gap deal

By: Bloomberg     4th April 2017 Indonesia has issued a temporary mining license to Freeport-McMoRan Inc.’s local unit that will allow the company to resume concentrate exports from the world’s second-largest copper mine at Grasberg after a gap of about 12 weeks. The permit is valid for eight months from the time that the... 

Opportunities from the Indian Ocean Rim

By: Riaan de Lange     24th March 2017 Indian Ocean Rim Association Well, this certainly is a blast from the past. It was a long time ago. I had just joined the then South African Chamber of Business (Sacob) – on March 1, 1995 – and, within a few days, I was jetting off to Mauritius. I thought that I had hit the big time, and yes, the... 

Indonesia’s biggest coal miner sees first profit since 2011

By: Bloomberg     9th February 2017 PT Bumi Resources will post its first annual profit in five years as a rally in fuel prices help Asia’s biggest exporter of thermal coal push through a debt restructuring. The company, controlled by the family of Indonesian politician Aburizal Bakrie, had net income of $101.6-million last year,... 

Airbus A400M may have won $2bn Indonesian order – reports

By: Keith Campbell     3rd February 2017 French aerospace journal “Air et Cosmos” and British defence media group Jane’s have both reported that the Indonesian government has approved the purchase of five Airbus A400M military airlifter aircraft. Both cite local Indonesian media as the source of the information. According to the French... 

A400M reportedly wins second export order

By: Keith Campbell     20th January 2017 French aerospace journal “Air et Cosmos” and British defence media group Jane’s have both reported that the Indonesian government has approved the purchase of five Airbus A400M military airlifter aircraft. Both cite local Indonesian media as the source of the information. According to the French... 

Freeport seeks guarantees from Indonesia amid mining shake-up

By: Reuters     20th January 2017 The Indonesian unit of Freeport-McMoran is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday. The Southeast Asian nation has been pushing miners to build smelters to process ore locally, with... 

Coal’s recovery too good to resist for world’s biggest exporter

By: Bloomberg     13th January 2017 Indonesia will exceed its coal production target for another year as miners cash in after prices recovered from a five-year collapse. The world’s biggest exporter will produce about 489-million metric tons this year, 18% above the government-mandated target, according to energy ministry... 

Copper supply from top world mine threatened as export ban looms

By: Bloomberg     14th December 2016 Exports from the world’s second-largest copper mine, in Indonesia, are under threat as a government ban on overseas concentrate shipments is scheduled to come into force from the middle of January. While ministers are rushing to revise the regulations so miners that have committed to build... 

The ‘weird’ commodity that’s hurting bears as prices double

By: Bloomberg     7th December 2016 Iron-ore’s probably heading for a retreat in 2017 as new mine supply comes online and a surplus builds, according to UBS Group, which acknowledged that the commodity’s recent surge was unexpected and had torpedoed an earlier forecast for a slump this quarter. “It’s just surprised me,” Wayne... 

Indonesia probably won’t allow nickel-ore exports, Minister says

By: Bloomberg     12th October 2016 Indonesia will probably drop a controversial plan to allow exports of low-grade nickel ore and bauxite amid opposition from local smelters and fears that it could upset Chinese investors who’ve poured billions of dollars into the country to build processing plants. 

Glencore sees nickel price rising on global supply shortage

By: Bloomberg     21st September 2016 Glencore, the commodities trader and miner, expects nickel prices to climb through 2018 as demand outstrips supply, assuming Indonesia continues its policy of curbing ore exports and encouraging local processing. “We believe we’ve seen the bottom, both in terms of the actual spot prices... 

African and world airlines enjoyed increased passenger traffic last year

By: Keith Campbell     15th July 2016 Africa-registered airlines accounted for 2.2% of global scheduled passenger traffic last year, reports the International Air Transport Association (IATA) in its World Air transport Statistics 2016 – the 60th edition of this publication. In numerical terms, African airlines carried 79.5-million... 

Coal woes don’t deter German bet on first Polish mine since ’70s

By: Bloomberg     5th July 2016 A German coal trader is unfazed by decade-low coal prices that pushed producers into bankruptcy as it seeks to open Poland’s first mine in four decades. HMS Bergbau AG plans to invest more than 100-million euros ($111-million) to begin output from a mine in southern Poland by 2018, Dennis... 

Johannesburg among top cities for women entrepreneurs

By: News24Wire      28th June 2016 Johannesburg is among the top 25 cities in the world which fosters high potential women entrepreneurs, according to the latest 2016 Women Entrepreneur Cities Index (WE Cities). The index looks at a city’s ability to attract and foster growth in firms founded by women entrepreneurs. The findings... 

Indonesia grants South Africa ‘Country of Recognition’ status for horticultural products

By: Creamer Media Reporter      14th April 2016 South Africa this week further opened up the export potential of the country’s deciduous fruit to Indonesia after the Indonesian Agricultural Quarantine Agency granted South Africa “Country of Recognition” status for the food safety control system blanketing various horticultural products. The... 

Non-cash, one-time charges pull down ICTSI net income by 68% to US$58.5M; Recurring net income up 1% to US$174.7M

8th March 2016 Throughput grew 5% to 7.8 million TEUs Revenues down 1% to US$1.051 billion EBITDA improved 2% to US$450.0 million International Container Terminal Services, Inc. reported audited consolidated financial results for the year ended December 31, 2015 posting revenue from port operations of US$1.051... 

Gulf Manganese appoints former BHP exec to its board

By: Creamer Media Reporter      18th February 2016 ASX-listed Gulf Manganese has appointed Andrew Wilson to its board as a nonexecutive director with immediate effect. Wilson served as president director of BHP Billiton Indonesia between 2000 and 2007 and was also a director of the Indonesian Mining Association. He was based in Jakarta, had... 

Indonesia allows Freeport to resume copper exports for another six months

By: Reuters     10th February 2016 Indonesia on Wednesday granted Freeport-McMoRan a new six-month export permit for shipments from one of the world's largest copper mines, ending a near two-week stoppage due to a dispute over payment for a new metal smelter. The deal is a relief for both sides as a lengthy halt in exports would... 

Freeport asks Indonesia to cut or postpone $530m smelter bond – mining minister

By: Reuters     2nd February 2016 Freeport McMoRan Inc has asked Indonesia to reduce a $530-million smelter bond the local unit of the US copper mining giant must set aside before receiving an extension of its export permit, Indonesia's mining minister said on Tuesday. Freeport's 6-month copper concentrate export permit expired... 

CHINA SLOWDOWN

11th September 2015 International Monetary Fund (IMF) MD Christine Lagarde said last week that the global expansion outlook was worse than the lender anticipated less than two months ago, with advanced and Asian economies growing more slowly than expected. Speaking during an IMF conference in Jakarta, Indonesia,... 

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