Coal Price Projection Goes Proyeksi Harga Batubara Turun

IMA-Daily Update

Coal Price Projection Goes Down, PNBP Deposit Target Still

Boosted

THE DPR'S Budget Agency (Banggar)

rejected the Ministry of Energy and

Mineral Resources (ESDM) proposal to cut

mineral and coal non-tax (PNBP) targets.

The DPR asks the government to continue to increase the non-tax revenues of the

Minerba in the 2020 State Budget and

Expenditure (APBN) even though coal

prices are down.

Thus, the government and the DPR Budget

Agency finally agreed to the Minerba PNBP

target of Rp 44.39 trillion next year,

according to the proposal in the 2020 Draft State Budget.

That figure consists of coal PNBP worth

Rp.22.2 trillion and other mineral PNBP

worth Rp.1.1.1 trillion.

"This is a challenge for the government to

continue to boost coal revenue," Said

Abdullah, Deputy Chair of the House of

Representatives, Wednesday (4/9).

ESDM Ministry's Mineral and Coal Director

General Bambang Gatot estimates tha

Minerba PNBP will only reach Rp 37.24

trillion next year.

This figure is lower than the government's

proposal in the 2020 Draft State Budget,

which is Rp 44.39 trillion.

The revenue which is estimated to be lower is considering a decline in the

reference coal price (HBA) assuming the

rupiah exchange rate is fixed at Rp 14,400

per US dollar (US).

Coal Price Projection Goes Target Still

Budget Agency (Banggar)

rejected the Ministry of Energy and

Mineral Resources (ESDM) proposal to cut

tax (PNBP) targets.

The DPR asks the government to continue tax revenues of the

Minerba in the 2020 State Budget and

Expenditure (APBN) even though coal

s, the government and the DPR Budget

Agency finally agreed to the Minerba PNBP

target of Rp 44.39 trillion next year,

according to the proposal in the 2020 Draft

That figure consists of coal PNBP worth

Rp.22.2 trillion and other mineral PNBP

"This is a challenge for the government to

continue to boost coal revenue," Said

Abdullah, Deputy Chair of the House of

Representatives, Wednesday (4/9).

ESDM Ministry's Mineral and Coal Director

General Bambang Gatot estimates that

Minerba PNBP will only reach Rp 37.24

This figure is lower than the government's

proposal in the 2020 Draft State Budget,

The revenue which is estimated to be lower is considering a decline in the

reference coal price (HBA) assuming the

rupiah exchange rate is fixed at Rp 14,400

Proyeksi Harga Batubara Turun, Target Setoran PNBP Tetap

digenjot

BADAN Anggaran (Banggar) DPR menolak

usulan Kementerian Energi dan Sumber

Daya Mineral (ESDM) untuk memangkas

target penerimaan negara bukan pajak

(PNBP) mineral dan batubara (minerba).

DPR meminta pemerintah tetap meng

genjot PNBP minerba di

dapatan dan Belanja Negara (APBN) 2020

meskipun harga batubara sedang turun.

Dus, pemerintah dan Banggar DPR

akhirnya menyepakati target PNBP

minerba tahun depan sebesar Rp 44,39

triliun, sesuai usulan dalam RAPBN 2020.

Angka itu terdiri dari PNBP batubara

senilai Rp 26,2 triliun dan PNBP mineral

lainnya yang senilai Rp 18,1 triliun.

"Ini menjadi tantangan pemerintah untuk

tetap menggenjot penerimaan batubara,"

kata Said Abdullah, Wakil Ketua Banggar

DPR, Rabu (4/9).

Direktur Jenderal Mineral dan Batubara

Kementerian ESDM Bambang Gatot mem

perkirakan, PNBP minerba pada tahun

depan hanya sebesar Rp 37,24 triliun.

Angka ini lebih rendah dari usulan

pemerintah di RAPBN 2020

44,39 triliun.

Penerimaan yang diperkirakan lebih

rendah itu mempertimbang

harga batubara acuan (HBA) dengan

asumsi kurs rupiah tetap Rp 14.400 per

dollar Amerika Serikat (AS).

Page 1

Proyeksi Harga Batubara Turun, Target Setoran PNBP Tetap

digenjot

Anggaran (Banggar) DPR menolak

usulan Kementerian Energi dan Sumber

Daya Mineral (ESDM) untuk memangkas

target penerimaan negara bukan pajak

(PNBP) mineral dan batubara (minerba).

DPR meminta pemerintah tetap meng-

genjot PNBP minerba di Anggaran Pen-

atan dan Belanja Negara (APBN) 2020

meskipun harga batubara sedang turun.

dan Banggar DPR

akhirnya menyepakati target PNBP

minerba tahun depan sebesar Rp 44,39

triliun, sesuai usulan dalam RAPBN 2020.

Angka itu terdiri dari PNBP batubara

senilai Rp 26,2 triliun dan PNBP mineral

lainnya yang senilai Rp 18,1 triliun.

"Ini menjadi tantangan pemerintah untuk

tetap menggenjot penerimaan batubara,"

kata Said Abdullah, Wakil Ketua Banggar

Direktur Jenderal Mineral dan Batubara

Kementerian ESDM Bambang Gatot mem-

perkirakan, PNBP minerba pada tahun

depan hanya sebesar Rp 37,24 triliun.

Angka ini lebih rendah dari usulan

pemerintah di RAPBN 2020, yakni Rp

Penerimaan yang diperkirakan lebih

rendah itu mempertimbangkan penurunan

harga batubara acuan (HBA) dengan

asumsi kurs rupiah tetap Rp 14.400 per

dollar Amerika Serikat (AS).

IMA-Daily Update

"Initially, the HBA still used above US$ 77 per ton and is currently estimated to reach US$ 70 per ton in 2020," Bambang said during a working committee meeting (Panja) of the DPR Budget Agency,Wednesday (4/9).

Because of a trade war

Bambang added, the decline in the HBA occurred due to global sentiment, especially, the continuing tradebetween the US and China.

This keeps coal demand in a downward trend.

In the Financial Note for the 2020 State Budget and Expenditure (RAPBN), the reference coal price is actually lower than this year.

For the record in 2018, the HBA is still recorded at US$ 99 per ton.

This figure is indeed up compared tprevious year which was US$ 85.9 per ton.

But 2019 coal production fell to 530 million tons from the previous year 548.6 million tons.

For 2020, the government estimates the HBA will drop to US$ 90 per ton.

But coal production next year is estimated to be stagnant or still the same as the realization in 2019. Reporter: Yusuf Imam

Santoso, Editor: Tedy Gumilar

PT Timah Pocketed Debts Rp150 Billion from Bank Mandiri

PT TIMAH Tbk pocketed loan funds from

PT Bank Mandiri (Persero) Tbk in the amount of Rp150 billion.

"Initially, the HBA still used above US$ 77 per ton and is currently estimated to reach US$ 70 per ton in 2020," Bambang said

king committee meeting (Panja) of the DPR Budget Agency,

Bambang added, the decline in the HBA occurred due to global sentiment, especially, the continuing trade war

n a downward

In the Financial Note for the 2020 State Budget and Expenditure (RAPBN), the reference coal price is actually lower than

For the record in 2018, the HBA is still

This figure is indeed up compared to the previous year which was US$ 85.9 per ton.

But 2019 coal production fell to 530 million tons from the previous year 548.6

For 2020, the government estimates the HBA will drop to US$ 90 per ton.

But coal production next year is estimated to be stagnant or still the same as the

Reporter: Yusuf Imam

"Awalnya, HBA masih menggunakan di atas US$ 77 per ton dan saat ini diperkirakan bisa mencapai US$ 70 per ton di 2020," kata Bambang saat rapat panitia kerja (Panja) Badan Anggaran DPR, Rabu (4/9).

Gara-gara perang dagang

Bambang menambahkan, penurunan HBA terjadi karena sentimen global, terutama, berlanjutnya perang dagang antara AS dengan China.

Ini membuat permintaan batubara dalam tren penurunan.

Dalam Nota Keuangan Rancangan Anggaran Pendapatan dan Belanja Negara (RAPBN) 2020, harga batubara acuan tersebut sejatinya sudah lebih rendah dibandingkan dengan tahun ini.

Sebagai catatan pada 2018, masih sebesar US$ 99 per ton.

Angka ini memang naik dibanding dengan tahun sebelumnya yang sebesar US$ 85,9 per ton.

Tapi produksi batubara 2019 turun jadi 530 juta ton dari tahun sebelumnya 548,6 juta ton.

Untuk tahun 2020, pemerintah mempkan HBA turun menjadi sebesar US$ 90 per ton.

Namun produksi batubara tahun depan ditaksir stagnan atau masih sama dengan realisasi tahun 2019. Reporter: Yusuf Imam


PT Timah Pocketed Debts Rp150 Billion from Bank Mandiri

Tbk pocketed loan funds from

PT Bank Mandiri (Persero) Tbk in the

PT Timah Kantongi Utang Rp150 Miliar dari Bank Mandiri

PT TIMAH Tbk mengantongi dana

pinjaman dari PT Bank MandiriTbk sebesar Rp150 miliar.

Page 2

"Awalnya, HBA masih menggunakan di atas US$ 77 per ton dan saat ini diperkirakan

per ton di 2020," kata Bambang saat rapat panitia kerja (Panja) Badan Anggaran DPR, Rabu (4/9).

gara perang dagang

Bambang menambahkan, penurunan HBA terjadi karena sentimen global, terutama, berlanjutnya perang dagang antara AS

Ini membuat permintaan batubara dalam

Dalam Nota Keuangan Rancangan Anggaran Pendapatan dan Belanja Negara (RAPBN) 2020, harga batubara acuan tersebut sejatinya sudah lebih rendah dibandingkan dengan

Sebagai catatan pada 2018, HBA tercatat masih sebesar US$ 99 per ton.

Angka ini memang naik dibanding dengan tahun sebelumnya yang sebesar US$ 85,9 per

Tapi produksi batubara 2019 turun jadi 530 juta ton dari tahun sebelumnya 548,6 juta ton.

Untuk tahun 2020, pemerintah memperkira-kan HBA turun menjadi sebesar US$ 90 per

Namun produksi batubara tahun depan ditaksir stagnan atau masih sama dengan

Reporter: Yusuf Imam


PT Timah Kantongi Utang Rp150 Miliar dari Bank Mandiri

Tbk mengantongi dana

Bank Mandiri (Persero) Tbk sebesar Rp150 miliar.

IMA-Daily Update

The funds will be used by PT Timah to strengthen the receipt of payments and strengthen the liquidity of PT Timah's business partners.

The agreement was signed by the Finance Director of PT Timah Emil Ermindra, Bank Mandiri SVP SME Banking Choirul Anwar,and Bank Mandiri Retail Banking Director Donsuwan Simatupang.

Emil said that the loan was carried out under the accepted invoice financing facility scheme. These funds will later help pay PT Timah to a number of parties who are the company's partners. Thuflow of the State Owned Enterprises (BUMN) can still remain positive.

"This loan facility helps smooth our payments. Then it helps our cash flow and becomes our control tool," Emil said, Wednesday (4/9).

Through this loan facility, the managemeof PT Timah will pay bills to its partners through Bank Mandiri. Thus, the company will reduce payments to some partners using cash.

"So we began to reduce payments by cash," he explained.

On the same occasion, Donsuwan said that the loan would make it easier for those who collaborate with PT Timah to get accelerated payments from the company. However, before payment is made, PT Timah must verify and accept the bill from the partner.

"This cooperation is a continuation of how to realize the synergy of BUMN and jointly develop the country. This can help PT Timah when it needs cash flow," said Donsuwan.

He stated that the partner would get certainty from PT Timah in making payments from the cooperation carried out. In addition,...

The funds will be used by PT Timah to strengthen the receipt of payments and strengthen the liquidity of PT Timah's

The agreement was signed by the Finance Director of PT Timah Emil Ermindra, Bank Mandiri SVP SME Banking Choirul Anwar, and Bank Mandiri Retail Banking Director

Emil said that the loan was carried out under the accepted invoice financing facility scheme. These funds will later help pay PT Timah to a number of parties who are the company's partners. Thus, the cash flow of the State Owned Enterprises (BUMN) can still remain positive.

"This loan facility helps smooth our payments. Then it helps our cash flow and becomes our control tool," Emil said,

Through this loan facility, the management of PT Timah will pay bills to its partners through Bank Mandiri. Thus, the company will reduce payments to some partners

"So we began to reduce payments by cash,"

On the same occasion, Donsuwan said that easier for those

who collaborate with PT Timah to get accelerated payments from the company. However, before payment is made, PT Timah must verify and accept the bill from

"This cooperation is a continuation of how MN and jointly

develop the country. This can help PT Timah when it needs cash flow," said

He stated that the partner would get certainty from PT Timah in making payments from the cooperation carried

Dana itu akan digunakan PTmemperkuat penerimaan pembayaran dan memperkuat likuiditas mitra bisnis PT Timah.

Kesepakatan tersebut ditandatangani oleh Direktur Keuangan PT Timah Emil Ermindra, SVP SME Banking Bank Mandiri Choirul Anwar, dan Direktur Retail Banking Bank Mandiri Donsuwan Simatupang.

Emil mengatakan pinjaman ini dilakukan dengan skema fasilitas financing. Dana ini nantinya akan membantu pembayaran PT Timah kepada sejumlah pihak yang menjadi mitra perusahaan. Dengan demikian, arus kas Badan U(BUMN) ini masih bisa tetap positif.

"Fasilitas pinjaman ini membantu melancarkan pembayaran kami. Lalu bantu arus kas kami dan jadi alat kontrol kami," ucap Emil, Rabu (4/9).

Melalui fasilitas pinjaman ini, manajemen PT Timah akan membayar tagihan kepada mitramitranya lewat Bank Mandiri. Dengan demikian, perusahaan akan mengurangi pembayaran terhadap beberapa mitra menggunakan uang tunai.

"Jadi kami mulai mengurangi yang namanya pembayaran tunai," jelasnya.

Dalam kesempatan yang sama,menyatakan dana pinjaman itu bakal mempermudah pihak yang bekerja sama dengan PT Timah dalam mendapatkan percepatan pembayaran dari perusahaan. Namun,sebelum pembayaran dilakukan, PT Timah harus melakukan verifikasi dan akseptasi terhadap tagihan dari sang mitra.

"Kerja sama ini merupakan kelanjutan dari bagaimana mewujudkan sinergi BUMN dan bersama membangun negeri. Ini bisa membantu PT Timah ketika membutuhkan cashflow (arus kas)," ungkap Donsuwan.

Ia menyatakan bahwa sang mitra akan mendapatkan kepastian dari PT Timah dalam melakukan pembayaran dari kerja sama yang dilakukan. Selain itu,...

Page 3

Dana itu akan digunakan PT Timah untuk memperkuat penerimaan pembayaran dan memperkuat likuiditas mitra bisnis PT

Kesepakatan tersebut ditandatangani oleh Direktur Keuangan PT Timah Emil Ermindra, SVP SME Banking Bank Mandiri Choirul Anwar, dan Direktur Retail Banking Bank

andiri Donsuwan Simatupang.

Emil mengatakan pinjaman ini dilakukan dengan skema fasilitas accepted invoice

. Dana ini nantinya akan membantu pembayaran PT Timah kepada sejumlah pihak yang menjadi mitra perusahaan. Dengan demikian, arus kas Badan Usaha Milik Negara (BUMN) ini masih bisa tetap positif.

"Fasilitas pinjaman ini membantu melancar-kan pembayaran kami. Lalu bantu arus kas kami dan jadi alat kontrol kami," ucap Emil,

Melalui fasilitas pinjaman ini, manajemen PT yar tagihan kepada mitra-

mitranya lewat Bank Mandiri. Dengan demikian, perusahaan akan mengurangi pem-bayaran terhadap beberapa mitra meng-

"Jadi kami mulai mengurangi yang namanya pembayaran tunai," jelasnya.

Dalam kesempatan yang sama, Donsuwan menyatakan dana pinjaman itu bakal mem-permudah pihak yang bekerja sama dengan PT Timah dalam mendapatkan percepatan pembayaran dari perusahaan. Namun, sebelum pembayaran dilakukan, PT Timah harus melakukan verifikasi dan akseptasi

an dari sang mitra.

"Kerja sama ini merupakan kelanjutan dari bagaimana mewujudkan sinergi BUMN dan bersama membangun negeri. Ini bisa mem-bantu PT Timah ketika membutuhkan

(arus kas)," ungkap Donsuwan.

Ia menyatakan bahwa sang mitra akan mendapatkan kepastian dari PT Timah dalam melakukan pembayaran dari kerja sama yang

IMA-Daily Update

In addition, Donsuwan said that this loan would facilitate PT Timah to expand and conduct tin exploration.

Furthermore, Donsuwan said that his office would carry out similar loan cooperation with a number of companies goingforward. However, he did not say exactly which company was meant.

For information, Bank Mandiridisbursed loans to Small MediumEnterprise (SME) businesses in the mining and exploration sector amounting to Rp321 billion as of July 2019. That figure is up 11 percent compared with the same period last year. (aud/lav)

Semester II-2019, Adaro Energy (ADRO) focuses on developing

all business lines

IN semester II-2019 PT Adaro Energy Tbk

(ADRO) continued to maximize business expansion. From our coal mining business line, we focus on improving efficiency and optimizing integrated operationalexcellence.

"For example, by increasing efficiency, at the Kestrel mine, we hope to increase production this year by 40% compared to last year," said Adaro Energy's Head of Corporate Communication Febriati Nadira, PT Adaro Energi Tbk, Wednesday (9/4).

In total this year ADRO is aiming for coal production of 56 million tons. As for the power generation business through Adaro Power, said Ira, the company will continue the construction of the 2x100 MW PT Tanjung Power Indonesia (TPI) power plant in Tanjung, South Kalimantan.

In addition, Donsuwan said that this loan would facilitate PT Timah to expand and

Furthermore, Donsuwan said that his office would carry out similar loan cooperation with a number of companies going forward. However, he did not say exactly

For information, Bank Mandiri has disbursed loans to Small Medium

ise (SME) businesses in the mining and exploration sector amounting to Rp321 billion as of July 2019. That figure is up 11 percent compared with the same

Selain itu, Donsuwan menyebut pinjaman ini akan memudahkan PT Timah untuk ekspansi dan melakukan eksplorasi timah.

Selanjutnya, Donsuwan menyebut pihaknya akan melakukan kerja sama pinjaman serupa dengan sejumlah perusahaan ke depannya. Namun, ia tak menyebut pasti perusahaan mana saja yang dimaksud.

Sebagai informasi, Bankmengucurkan kredit untuk bisnis Usaha Kecil Menengah (UKM) atau Enterprise (SME) di sekdan eksplorasi sebesar Rp321 miliar per Juli 2019. Angka itu naik 11 persen dibandingkan dengan periode yang sama tahun lal(aud/lav)

2019, Adaro Energy (ADRO) focuses on developing

all business lines

2019 PT Adaro Energy Tbk

(ADRO) continued to maximize business expansion. From our coal mining business line, we focus on improving efficiency and optimizing integrated operational

"For example, by increasing efficiency, at trel mine, we hope to increase

production this year by 40% compared to last year," said Adaro Energy's Head of Corporate Communication Febriati Nadira, PT Adaro Energi Tbk, Wednesday (9/4).

In total this year ADRO is aiming for coal n tons. As for the

power generation business through Adaro Power, said Ira, the company will continue the construction of the 2x100 MW PT Tanjung Power Indonesia (TPI) power plant in Tanjung, South Kalimantan.

Semester II-2019, Adaro Energy (ADRO) fokus ke

seluruh lini bisnis

PADA semester II-2019 PT Adaro Energy

Tbk (ADRO) terus memaksimalkan ekspansi usaha. Dari lini usaha penambangan batubara Adaro fokus meningkatkan efisiensi dan mengoptimalkan keunggulan operasional yang terintegrasi.

"Misalnya dengan peningkatan efisiensi, di tambang Kestrel, kami berharap dapat meningkatkan produksi tahun ini sebesar 40% dibandingkan tahun lalu," ujar Communication Adaro Energy Febriati Nadira PT Adaro Energi Tbk, Rabu (4/9).

Secara total tahun ini ADRO membidik produksi batubara sebesar 56 juta ton. Sementara untuk bisnis pembangkit listrik melalui Adaro Power, kata Ira, perusahaan melanjutkan konstruksi pembangkit listrik PT Tanjung Power Indonesia (TPI) yang berkapasitas 2x100 MW di Tanjung, Kalimantan Selatan.

Page 4

Selain itu, Donsuwan menyebut pinjaman ini akan memudahkan PT Timah untuk ber-ekspansi dan melakukan eksplorasi timah.

Selanjutnya, Donsuwan menyebut pihaknya akan melakukan kerja sama pinjaman serupa dengan sejumlah perusahaan ke depannya. Namun, ia tak menyebut pasti perusahaan mana saja yang dimaksud.

Sebagai informasi, Bank Mandiri telah mengucurkan kredit untuk bisnis Usaha Kecil Menengah (UKM) atau Small Medium

(SME) di sektor pertambangan sebesar Rp321 miliar per Juli

2019. Angka itu naik 11 persen dibanding-kan dengan periode yang sama tahun lalu.

2019, Adaro Energy (ADRO) fokus kembangkan

seluruh lini bisnis

2019 PT Adaro Energy

Tbk (ADRO) terus memaksimalkan ekspansi usaha. Dari lini usaha penambangan batubara Adaro fokus meningkatkan efisiensi dan mengoptimalkan keunggulan operasional

"Misalnya dengan peningkatan efisiensi, di tambang Kestrel, kami berharap dapat mening-katkan produksi tahun ini sebesar 40% di-bandingkan tahun lalu," ujar Head of Corporate

Adaro Energy Febriati Nadira PT Adaro Energi Tbk, Rabu (4/9).

ra total tahun ini ADRO membidik produksi batubara sebesar 56 juta ton. Semen-tara untuk bisnis pembangkit listrik melalui Adaro Power, kata Ira, perusahaan melanjutkan konstruksi pembangkit listrik PT Tanjung Power Indonesia (TPI) yang berkapasitas

MW di Tanjung, Kalimantan Selatan.

IMA-Daily Update

The construction process has reached the completion stage or 99% by the end of semester I-2019.

"Currently at the commissioning stage. TPI is scheduled to start commercial operations at the end of this year," he added.

Meanwhile, the development of PTBhimasena Power Indonesia's power plant with a capacity of 2x1,000 MW in Batang, Central Java has reached 79% at the end of semester I-2019.

Adaro also develops clean water business through Adaro Water. Now ADRO is increasing partnerships with several parties.

For information, through PT Adaro Tirta Mentaya the company has an Adaro Tirta Mandiri project in Kotawaringin Timur, Central Kalimantan, which is now in completion of construction to exceed 40% by the end of semester 1 2019.

"We schedule to be completed no later than the end of 2019," he added.

Finally, PT Adaro Tirta Mandiri (ATM) collaborates with the Bandung Institute of Technology in developing Smart Water Meters, which are digital water registers.

After the trial in the field, he added that it was planned that ATM would develop the device on a factory scale. Puspitasari, Editor: Herlina Kartika

Philippine Nickel Production 2019 Projected to Grow Moderately

By: Finna U. Ulfah

PHILIPPINE nickel production this year is

predicted to grow only moderately from current yields in an effort to safeguard its mining growth prospects.

The construction process has reached the completion stage or 99% by the end of

"Currently at the commissioning stage. TPI is scheduled to start commercial operations at the end of this year," he added.

eanwhile, the development of PT Bhimasena Power Indonesia's power plant with a capacity of 2x1,000 MW in Batang, Central Java has reached 79% at the end of

Adaro also develops clean water business Water. Now ADRO is

g partnerships with several

For information, through PT Adaro Tirta Mentaya the company has an Adaro Tirta Mandiri project in Kotawaringin Timur, Central Kalimantan, which is now in completion of construction to exceed 40%

"We schedule to be completed no later than

Finally, PT Adaro Tirta Mandiri (ATM) collaborates with the Bandung Institute of Technology in developing Smart Water Meters, which are digital water registers.

After the trial in the field, he added that it was planned that ATM would develop the device on a factory scale. Reporter: Ika

Puspitasari, Editor: Herlina Kartika

Adapun proses pembangunannya sudah mencapai tahap penyelesaian atau 99% per akhir semester I-2019.

"Saat ini berada pada tahap TPI dijadwalkan untuk memulai operasi komersial pada akhir tahun ini," tambahnya.

Sementara itu, perkembangan konstruksi pembangkit listrik PT Bhimasena Power Indonesia yang berkapasitas 2x1.000 MW di Batang, Jawa Tengah sudah mencapai 79% per akhir semester I

Adaro juga mengembangkan bisnis air bersih melalui Adaro Water. Sekarang ADRO sedang meningkatkan kemitraan dengan beberapa pihak.

Sebagai informasi, melalui PT Adaro Tirta Mentaya perusahaanAdaro Tirta Mandiri di Kotawaringin Timur, Kalimantan Tengah yang kini dalam penyelesaian konstruksi melebihi 40% sampai akhir semester 1 2019.

"Kita jadwalkan rampung lambatnya pada akhir 2019," imbuhnya.

Terakhir, PT Adaro Tirbekerjasama dengan Insitut Teknologi Bandung dalam mengembangkan Smart Water Meter yakni alat pencatat air digital.

Setelah Ujicoba di lapangan, ia menambahkan rencananya ATM akan mengembangkan alat ini dengan skala pabrik. Ika Puspitasari, Editor: Herlina Kartika

Philippine Nickel Production 2019 Projected to Grow Moderately

nickel production this year is

predicted to grow only moderately from current yields in an effort to safeguard its

Produksi Nikel Filipina 2019 Diproyeksi Tumbuh Moderat

Oleh : Finna U. Ulfah

PRODUKSI nikel Filipina tahun ini di

prediksi hanya akan tumbuh moderat dari hasil saat ini sebagai upaya untuk menjaga prospek pertumbuhan pertambangannya.

Page 5

Adapun proses pembangunannya sudah mencapai tahap penyelesaian atau 99%

2019.

"Saat ini berada pada tahap commissioning. TPI dijadwalkan untuk memulai operasi komersial pada akhir tahun ini," tambahnya.

Sementara itu, perkembangan konstruksi pembangkit listrik PT Bhimasena Power Indonesia yang berkapasitas 2x1.000 MW

ang, Jawa Tengah sudah mencapai 79% per akhir semester I-2019.

Adaro juga mengembangkan bisnis air bersih melalui Adaro Water. Sekarang ADRO sedang meningkatkan kemitraan dengan beberapa pihak.

Sebagai informasi, melalui PT Adaro Tirta Mentaya perusahaan memiliki proyek Adaro Tirta Mandiri di Kotawaringin Timur, Kalimantan Tengah yang kini dalam penyelesaian konstruksi melebihi 40% sampai akhir semester 1 2019.

"Kita jadwalkan rampung selambat-lambatnya pada akhir 2019," imbuhnya.

Terakhir, PT Adaro Tirta Mandiri (ATM) bekerjasama dengan Insitut Teknologi Bandung dalam mengembangkan Smart Water Meter yakni alat pencatat air digital.

Setelah Ujicoba di lapangan, ia menambah-kan rencananya ATM akan mengembang-kan alat ini dengan skala pabrik. Reporter:

Puspitasari, Editor: Herlina Kartika

Produksi Nikel Filipina 2019 Diproyeksi Tumbuh Moderat

Finna U. Ulfah

Filipina tahun ini di-

prediksi hanya akan tumbuh moderat dari hasil saat ini sebagai upaya untuk menjaga prospek pertumbuhan pertambangannya.

IMA-Daily Update

Quoting Fitch Solutions researchpublication, nickel production growth

tends to be moderate this year to maintain the balance of mining in the medium term

in the midst of strict environmental

regulations and policy uncertainty by the

Philippine government that will dama

the investment climate.

"However, the decision of the Indonesian government to advance the ban on nickel

ore exports two years earlier than planned will actually pose an upside risk from the

efforts of Filipino miners to estimate nickel

production that is not good," wrote Fitch

Solutions as quoted from his research

publication, Wednesday (4/9/2019).

Indonesia's decision is predicted to make the global market experience a nickel

deficit of up to 100,000 tons by 2020, and the supply gap is considered to be

no one.

China, the world's largest consumer of nickel ore, imported around 26 million

tons of nickel ore in the first seven months

of this year, consisting of 14.3 million tons

from the Philippines, around 10.8 million

from Indonesia, and around 709,000 tons from New Caledonia.

Fitch Solutions assesses a nickel smelting plant in China, which currently imports

most of its ore from Indonesia, will likely

look to the Philippines as an alternative

source of supply.

"This is due to the proximity and tsubstantial nickel mining capacity," said

Fitch Solutions.

On the other hand, the price of nickel on the LME exchange at the close of trading on

Tuesday (09/09/2019), at the level of US$ 17,985 per ton, completed its strong rally

for 6 consecutive trades with a weakening

of 0.42%.

Solutions research publication, nickel production growth

tends to be moderate this year to maintain the balance of mining in the medium term

in the midst of strict environmental

regulations and policy uncertainty by the

Philippine government that will damage

"However, the decision of the Indonesian government to advance the ban on nickel

ore exports two years earlier than planned will actually pose an upside risk from the

efforts of Filipino miners to estimate nickel

is not good," wrote Fitch

Solutions as quoted from his research

publication, Wednesday (4/9/2019).

Indonesia's decision is predicted to make the global market experience a nickel

deficit of up to 100,000 tons by 2020, and the supply gap is considered to be filled by

China, the world's largest consumer of nickel ore, imported around 26 million

tons of nickel ore in the first seven months

of this year, consisting of 14.3 million tons

from the Philippines, around 10.8 million

709,000 tons

Fitch Solutions assesses a nickel smelting plant in China, which currently imports

most of its ore from Indonesia, will likely

look to the Philippines as an alternative

"This is due to the proximity and the substantial nickel mining capacity," said

On the other hand, the price of nickel on the LME exchange at the close of trading on

Tuesday (09/09/2019), at the level of US$ 17,985 per ton, completed its strong rally

s with a weakening

Mengutip publikasi riset Fitch Solutions, pertumbuhan produksi nikel yang

cenderung moderat tahun ini untuk menjaga keseimbangan pertambangan dalam

jangka menengah di tengah peraturan

lingkungan yang ketak dan ketidakpastian

kebijakan oleh pemerintah Filipina yang

akan merusak iklim investasi.

“Namun, keputusan pemerintah Indonesia untuk memajukan larangan ekspor bijih

nikel dua tahun lebih awal dari rencana justru akan menimbulkan risiko terbalik

dari upaya penambang Filipina

perkiraan produksi nikel yang kurang

baik,” tulis Fitch Solutions seperti dikutip

dari publikasi risetnya, Rabu (4/9/2019).

Keputusan Indonesia tersebut diprediksi akan membuat pasar global mengalami

defisit nikel hingga 100.000 ton pada 2020, dan kesenjangan pasokan tersebut dinilai

tidak akan diisi siapapun.

China sebagai konsumen bijih nikel terbesar di dunia, mengimpor sekitar 26 juta

ton bijih nikel dalam tujuh bulan pertama

tahun ini, yang terdiri atas 14,3 juta ton

dari Filipina, sekitar 10

Indonesia, dan sekitar 709.000 ton dari Kaledonia Baru.

Fitch Solutions menilai pabrik peleburan nikel di China, yang saat ini mengimpor

sebagian besar bijihnya dari Indonesia,

kemungkinan akan melihat ke Filipina

sebagai sumber pasokan alter

“Hal tersebut karena kedekatannya dan kapasitas penambangan nikel yang sub

stansial,” papar Fitch Solutions.

Di sisi lain, harga nikel di bursa LME pada penutupan perdagangan Selasa (3/9/

2019), berada di level US$17.985 per ton menyelesaikan reli kuatnya selama 6 per

dagangan berturut-turut dengan melemah

0,42%.

Page 6

Mengutip publikasi riset Fitch Solutions, pertumbuhan produksi nikel yang

cenderung moderat tahun ini untuk men-jaga keseimbangan pertambangan dalam

jangka menengah di tengah peraturan

lingkungan yang ketak dan ketidakpastian

ebijakan oleh pemerintah Filipina yang

akan merusak iklim investasi.

“Namun, keputusan pemerintah Indonesia untuk memajukan larangan ekspor bijih

nikel dua tahun lebih awal dari rencana justru akan menimbulkan risiko terbalik

dari upaya penambang Filipina terhadap

perkiraan produksi nikel yang kurang

baik,” tulis Fitch Solutions seperti dikutip

dari publikasi risetnya, Rabu (4/9/2019).

Keputusan Indonesia tersebut diprediksi akan membuat pasar global mengalami

defisit nikel hingga 100.000 ton pada 2020, kesenjangan pasokan tersebut dinilai

tidak akan diisi siapapun.

China sebagai konsumen bijih nikel ter-besar di dunia, mengimpor sekitar 26 juta

ton bijih nikel dalam tujuh bulan pertama

tahun ini, yang terdiri atas 14,3 juta ton

dari Filipina, sekitar 10,8 juta dari

Indonesia, dan sekitar 709.000 ton dari

Fitch Solutions menilai pabrik peleburan nikel di China, yang saat ini mengimpor

sebagian besar bijihnya dari Indonesia,

kemungkinan akan melihat ke Filipina

sebagai sumber pasokan alternatif.

“Hal tersebut karena kedekatannya dan kapasitas penambangan nikel yang sub-

stansial,” papar Fitch Solutions.

Di sisi lain, harga nikel di bursa LME pada penutupan perdagangan Selasa (3/9/

2019), berada di level US$17.985 per ton uatnya selama 6 per-

turut dengan melemah

IMA-Daily Update

However, on Wednesday trading (4/9/

2019) up to 19.17 West Indonesia Time,

the nickel price on the LME exchange managed to turn up 0.24% to US$ 17,935

per ton driven by a weakening US

The weakening of the greenback makes

metals used as materials for making

electric car batteries become cheaper for

investors with other currencies.

Meanwhile, the US dollar index which

measures the strength of the greenback in

the face of a basket of major currencies

moved down 0.39% to 98.613.

Chitra Dinisari

Build rare earth metal pfactory, Timah (TINS) prepared

fund of Rp 200 billion

PT TIMAH Tbk (TINS) will soon build a

rare earth metal mineral processing factory in the Bangka Belitung Islands.

PT Timah Tbk (TINS) Corporate Secretary Abdullah Umar said that the construction of the plant will begin in the third quarter of 2019.

The processing facility will separate the rare earth metals and the uranium or thorium radioactive elements frommonasite minerals which are byin tin ore mining. The result is a rmetal compound in the form of a carbonate compound.

To build this facility to completion, TINS, a member of the Kompas100 index, has prepared a budget of Rp 100 billion to Rp 200 billion. The funds came from the issuance of bonds and sukuk that wby TINS recently.

However, on Wednesday trading (4/9/

2019) up to 19.17 West Indonesia Time,

the nickel price on the LME exchange managed to turn up 0.24% to US$ 17,935

per ton driven by a weakening US dollar.

The weakening of the greenback makes

metals used as materials for making

electric car batteries become cheaper for

investors with other currencies.

Meanwhile, the US dollar index which

measures the strength of the greenback in

the face of a basket of major currencies

moved down 0.39% to 98.613. Editor: Mia

Namun, pada perdagangan Rabu (4/9/2019) hingga pukul 19.17 WIB, harga nikel di bursa LME berhasil berbalik menguat 0,24% menjadi US$17.935 per ton didorong oleh melemahnya dolar AS.

Pelemahan greenback tersebut membuat logam yang digunakan sebagai bahan pembuat baterai mobil listrik menjadi lebih murah bagi investor dengan mata uang lain.

Adapun, indeks dolar AS yang mengukur kekuatan greenback di hadapan sekeranjang mata uang mayor bergerak melemah 0,39% menjadi 98,613. Mia Chitra Dinisari

Build rare earth metal processing factory, Timah (TINS) prepared

fund of Rp 200 billion

Tbk (TINS) will soon build a

rare earth metal mineral processing factory in the Bangka Belitung Islands.

PT Timah Tbk (TINS) Corporate Secretary construction

of the plant will begin in the third quarter

The processing facility will separate the rare earth metals and the uranium or thorium radioactive elements from monasite minerals which are by-products in tin ore mining. The result is a rare earth metal compound in the form of a carbonate

To build this facility to completion, TINS, a member of the Kompas100 index, has prepared a budget of Rp 100 billion to Rp 200 billion. The funds came from the issuance of bonds and sukuk that was held

Bangun pabrik pengolahan logam tanah jarang, Timah (TINS) siapkan dana Rp 200 miliar

PT TIMAH Tbk (TINS

pabrik pengolahan mineral logam tanah jarang atau rare earth Belitung.

Sekretaris Perusahaan PT Timah Tbk (TINS) Abdullah Umar mengatakan, pembangunan pabrik ini akan dimulai pada kuartal III

Fasilitas pengolahan tersebut akan memisahkan logam tanah jarang dan unsur radioaktif uranium atau thorium dari mineral monasit yang merupakan produk ikutan dalam penambangan bijih timah. Hasilnya adalah senyawa logam tanah jarang berbentuk senyawa karbonat.

Untuk membangun fasilitas ini hinTINS, anggota indeks menyiapkan anggaran Rp 100 miliarmiliar. Dana tersebut berasal dari penerbitan obligasi dan sukuk yang dilaksanakan TINS belum lama ini.

Page 7

Namun, pada perdagangan Rabu (4/9/ 2019) hingga pukul 19.17 WIB, harga nikel

bursa LME berhasil berbalik menguat 0,24% menjadi US$17.935 per ton di dorong oleh melemahnya dolar AS.

Pelemahan greenback tersebut membuat logam yang digunakan sebagai bahan pembuat baterai mobil listrik menjadi lebih murah bagi investor dengan mata

Adapun, indeks dolar AS yang mengukur kekuatan greenback di hadapan seke-ranjang mata uang mayor bergerak melemah 0,39% menjadi 98,613. Editor :

Bangun pabrik pengolahan logam tanah jarang, Timah (TINS) siapkan dana Rp 200 miliar

TINS) segera membangun

pabrik pengolahan mineral logam tanah di Kepulauan Bangka

Sekretaris Perusahaan PT Timah Tbk (TINS) Abdullah Umar mengatakan, pembangunan pabrik ini akan dimulai pada kuartal III-2019.

Fasilitas pengolahan tersebut akan me-misahkan logam tanah jarang dan unsur radioaktif uranium atau thorium dari mineral monasit yang merupakan produk ikutan dalam penambangan bijih timah. Hasilnya adalah senyawa logam tanah jarang berbentuk senyawa karbonat.

Untuk membangun fasilitas ini hingga selesai, TINS, anggota indeks Kompas100 ini, menyiapkan anggaran Rp 100 miliar-Rp 200 miliar. Dana tersebut berasal dari penerbitan obligasi dan sukuk yang dilaksanakan TINS

IMA-Daily Update

On Friday (16/8), the company issued

bonds worth Rp 1.19 trillion, consisting of

Rp 880 billion in bonds and Rp 313 billion

in sukuk.

Abdullah said, the construction of this rare

earth metal oxidation facility would take

one year. "After the facilities are fini

production will begin. However, at present,

rare earth metals have begun to be mined,"

he said at Plaza Mandiri, Jakarta,

Wednesday (4/9).

Therefore, TINS Finance Director Emil

Emirda said that the results of rare earth

mining could not contribute t

revenue in 2019.

Based on Kontan.co.id's notes, TINS

Business Development Director Trenggono

Sutioso said that the feasibility study on

rare earth metals has been completed. A

cooperation agreement with the Center for

Nuclear Material Technology

management of uranium or thorium

byproducts has also been signed.

For information, rare earth metal which is

a by-product of tin processing is still

untapped. However, certain variants of

these mineral commodities are included in

the category of radioactive materials

whose management and regulation is

under the National Nuclear Energy Agency

(BATAN).

Rare earth has become an important

commodity because it can be a raw

material for a number of strategic

industries, such as military equipment and

advanced electronic products. Rare earth is

also one of the issues in the trade war

between China and the United States (US).

Reporter: Nur Qolbi, Editor: Herlina Kartika

iday (16/8), the company issued

bonds worth Rp 1.19 trillion, consisting of

Rp 880 billion in bonds and Rp 313 billion

Abdullah said, the construction of this rare

earth metal oxidation facility would take

one year. "After the facilities are finished

production will begin. However, at present,

rare earth metals have begun to be mined,"

he said at Plaza Mandiri, Jakarta,

Finance Director Emil

Emirda said that the results of rare earth

mining could not contribute to TINS

Based on Kontan.co.id's notes, TINS

Business Development Director Trenggono

Sutioso said that the feasibility study on

rare earth metals has been completed. A

cooperation agreement with the Center for

Nuclear Material Technology for the

management of uranium or thorium

byproducts has also been signed.

For information, rare earth metal which is

product of tin processing is still

untapped. However, certain variants of

these mineral commodities are included in

dioactive materials

whose management and regulation is

under the National Nuclear Energy Agency

Rare earth has become an important

commodity because it can be a raw

material for a number of strategic

industries, such as military equipment and

nced electronic products. Rare earth is

also one of the issues in the trade war

between China and the United States (US).


Pada Jumat (16/8), perusahaan ini mener

bitkan surat utang senilai Rp 1,19 triliun

yang terdiri dari obligasi Rp 880 miliar dan sukuk Rp 313 miliar.

Abdullah mengatakan,

fasilitas oksidasi logam tanah jarang ini

akan memakan waktu satu tahun. "Setelah fasilitasnya selesai akan dimulai produksi

nya. Akan tetapi, saat ini, logam tan

jarangnya sudah mulai ditambang," kata

dia di Plaza Mandiri, Jakarta, Rabu (4/9).

Oleh karena itu, Direktur Keuangan TINS Emil Emirda mengatakan, hasil dari

penambangan logam tanah jarang ini

belum bisa berkontribusii ke pendapatan

TINS tahun 2019.

Berdasarkan catatan Kontan.co.id, Direktur Pengembangan Usaha TINS Trenggono

Sutioso mengatakan, kajian kelayakan atas

logam tanah jarang ini telah selesai di

laksanakan. Perjanjian kerjasama dengan Pusat Teknologi Bahan Galian Nuklir untuk

pengelolaan produk samping uranium atau

thorium juga sudah ditandatangani.

Sebagai informasi, logam tanah jarang yang merupakan produk

pengolahan timah ini masih

termanfaatkan. Namun, varian tertentu

dari komoditas mineral ini dimasukkan

dalam kategori bahan radio aktif yang

pengelolaan dan regulasinya berada di bawah Badan Tenaga Nuklir Nasional

(BATAN).

Rare earth memang menjadi komoditas

penting karena bisa menjadi bahan baku untuk sejumlah industri strategis, seperti

peralatan militer dan juga pro

elektronika tingkat lanjut. Rare earth juga

jadi salah satu isu dalam perang dagang

antara China dan Amerika Serikat (AS).


Page 8

Pada Jumat (16/8), perusahaan ini mener-

bitkan surat utang senilai Rp 1,19 triliun

erdiri dari obligasi Rp 880 miliar dan

Abdullah mengatakan, pembangunan

fasilitas oksidasi logam tanah jarang ini

akan memakan waktu satu tahun. "Setelah fasilitasnya selesai akan dimulai produksi-

nya. Akan tetapi, saat ini, logam tanah

jarangnya sudah mulai ditambang," kata

dia di Plaza Mandiri, Jakarta, Rabu (4/9).

Oleh karena itu, Direktur Keuangan TINS Emil Emirda mengatakan, hasil dari

penambangan logam tanah jarang ini

belum bisa berkontribusii ke pendapatan

rdasarkan catatan Kontan.co.id, Direktur Pengembangan Usaha TINS Trenggono

Sutioso mengatakan, kajian kelayakan atas

logam tanah jarang ini telah selesai di-

laksanakan. Perjanjian kerjasama dengan Pusat Teknologi Bahan Galian Nuklir untuk

k samping uranium atau

thorium juga sudah ditandatangani.

Sebagai informasi, logam tanah jarang yang merupakan produk sampingan dari

pengolahan timah ini masih belum

termanfaatkan. Namun, varian tertentu

dari komoditas mineral ini dimasukkan

i bahan radio aktif yang

pengelolaan dan regulasinya berada di bawah Badan Tenaga Nuklir Nasional

Rare earth memang menjadi komoditas

penting karena bisa menjadi bahan baku untuk sejumlah industri strategis, seperti

peralatan militer dan juga produk

elektronika tingkat lanjut. Rare earth juga

jadi salah satu isu dalam perang dagang

antara China dan Amerika Serikat (AS).


IMA-Daily Update

The Contents of Permen Nickel Export Ban Acceleration

Author: Egenius Soda

THE GOVERNMENT has annulled the

policy of relaxation of nickel ore exports from previously until 31 December 2021 to only until 31 December 2019. Theacceleration of the export ban was set forth in ESDM Ministerial Regulation (Permen) No. 11 of 2019. This regulation is the second amendment to Minister of ERegulation No. 25 of 2018 concerning Mineral and Coal Mining.

There are two revised articles, article 46 and article 62A. Article 46 of Permen 25 2018 regulates provisions on the sale of nickel ore and bauxite abroad. Then amended in Permen 11 of 2019 by removing the export provisions for nickel ore.

This article only regulates bauxite exports which have been leached with Al2O3 levels> 42% (more than or equal to fortytwo percent) in a certain amount by using Tariff Post/Harmonized System (HS). The export of bauxite ore is valid for the longest until January 11, 2022.

Changes are made by adding between article 62 and 63 with article 62A. Article 62A contains provisions regarding the export of nickel ore content below 1.7%. First, export recommendations given to Production Operation IUP holders before this new regulation was issued remained in effect until 31 December 2019. Secondly, export recommendations given after the revision of this regulation were only given until 31 December 2019.

The regulation was signed by ESDM Minister Ignasius Jonan on August 28,

2019 and enacted on August 30, 2019.

Permen on Acceleration

Author: Egenius Soda

has annulled the

policy of relaxation of nickel ore exports from previously until 31 December 2021 to only until 31 December 2019. The acceleration of the export ban was set forth

Ministerial Regulation (Permen) No. 11 of 2019. This regulation is the second amendment to Minister of ESDM Regulation No. 25 of 2018 concerning

There are two revised articles, article 46 and article 62A. Article 46 of Permen 25 of 2018 regulates provisions on the sale of nickel ore and bauxite abroad. Then amended in Permen 11 of 2019 by removing the export provisions for nickel

This article only regulates bauxite exports which have been leached with Al2O3

than or equal to forty-ain amount by using

Harmonized System (HS). The export of bauxite ore is valid for the

Changes are made by adding between article 62 and 63 with article 62A. Article

2A contains provisions regarding the export of nickel ore content below 1.7%. First, export recommendations given to Production Operation IUP holders before this new regulation was issued remained in effect until 31 December 2019. Secondly,

dations given after the revision of this regulation were only given

The regulation was signed by ESDM Minister Ignasius Jonan on August 28,

2019 and enacted on August 30, 2019.♦

Ini Isi Permen Percepatan Larangan Ekspor Nikel

Penulis : Egenius Soda

PEMERINTAH telah menganulir kebijakan

relaksasi ekspor bijih nikel dari sebelumnya sampai 31 Desember 2021 menjadi hanya sampai 31 Desember 2019. Percepatan peberlakukan larangan ekspor tersebut dituangkan dalam Peraturan MenteriESDM No. 11 tahun 2019. kan perubahan kedua atas Permen ESDM No.25 tahun 2018 Tentang Pengusahaan Pertambangan Mineral dan Batubara.

Ada dua pasal yang direvisi yakni pasal 46 dan pasal 62A. Pada pasal 46 di Permen 25 tahun 2018 mengatur ketentuan tentang penjualan bijih nikel dan bauksit ke luar negeri. Kemudian diubah dalam Permen 11 tahun 2019 dengan menghilangkan ketentuan ekspor bijih nikel.

Pasal ini hanya mengatur tentang ekspor bauksit yang telah dilakukan pencucian dengkadar Al2O3 > 42% (lebih dari atau sama dengan empat puluh dua persen) dalam jumlah tertentu dengan menggunakan Pos Tarif/HS (Harmonized System). Untuk ekspor bijih bauksit berlaku paling lama sampai dengan tanggal 11 Januari 2022.

Perubahan dilakukan ddiantara pasal 62 dan pasal 6362A. Pasal 62A memuat ketentuan tentang ekspor bijih nikel kadar dibawah 1,7%.Pertama, rekomendasi ekspor yang diberikan kepada pemegang IUP Operasi Produksi sebelum regulasi baru ini diterbitberlaku sampai 31 Desember 2019. Kedua, rekomendasi ekspor yang diberikan setelah revisi permen ini diberikan hanya sampai 31 Desember 2019.

Beleid ini ditandatangani Menteri ESDM Ignasius Jonan pada 28 Agustus 2019 dan

diundangkan tanggal 30 Agustus 2019.

Page 9

Ini Isi Permen Percepatan Larangan Ekspor Nikel

: Egenius Soda

telah menganulir kebijakan

relaksasi ekspor bijih nikel dari sebelumnya sampai 31 Desember 2021 menjadi hanya sampai 31 Desember 2019. Percepatan pem-berlakukan larangan ekspor tersebut di-tuangkan dalam Peraturan Menteri (Permen) ESDM No. 11 tahun 2019. Beleid ini merupa-kan perubahan kedua atas Permen ESDM No.25 tahun 2018 Tentang Pengusahaan Pertambangan Mineral dan Batubara.

Ada dua pasal yang direvisi yakni pasal 46 dan pasal 62A. Pada pasal 46 di Permen 25

mengatur ketentuan tentang penjualan bijih nikel dan bauksit ke luar negeri. Kemudian diubah dalam Permen 11 tahun 2019 dengan menghilangkan keten-

Pasal ini hanya mengatur tentang ekspor bauksit yang telah dilakukan pencucian dengan kadar Al2O3 > 42% (lebih dari atau sama dengan empat puluh dua persen) dalam jumlah tertentu dengan menggunakan Pos Tarif/HS (Harmonized System). Untuk ekspor bijih bauksit berlaku paling lama sampai dengan

Perubahan dilakukan dengan penambahan diantara pasal 62 dan pasal 63 dengan pasal 62A. Pasal 62A memuat ketentuan tentang ekspor bijih nikel kadar dibawah 1,7%. Pertama, rekomendasi ekspor yang diberikan kepada pemegang IUP Operasi Produksi sebelum regulasi baru ini diterbitkan tetap berlaku sampai 31 Desember 2019. Kedua, rekomendasi ekspor yang diberikan setelah revisi permen ini diberikan hanya sampai 31

ini ditandatangani Menteri ESDM Ignasius Jonan pada 28 Agustus 2019 dan

diundangkan tanggal 30 Agustus 2019.♦

IMA-Daily Update

Coal Prices Rise 3% More!Tirta Widi Gilang Citradi, CNBC Indonesia

COAL prices rose sharply in yesterday's

trade. The still high demand makes this

commodity prices soar.

Yesterday, the price of coal on the ICE

Newcastle exchange jumped 3.19%

compared to the position of the close of

trading the previous day. But compared to the position of the beginning of the year,

coal prices still plummeted 33%.

It cannot be denied since the beginning of

the year a lot of sentiment has weighed on coal prices. One of the main factors is the

limitation of China's coal imports. This

year, China targets coal imports to be the

same as in 2018, no increase.

Restrictions on imports in the Bamboo Curtain country are not without reason.

The Chinese government is trying to boost

the domestic coal industry and focus on a

more environmentally friendly en

policy.

India and Southeast Asia Supporting

Coal Needs

From the blue continent, coal imports have also declined in recent years. Germany as

one of the coal importers has reviewed the

energy mix. For electricity, the proportion

of hard coal and lignite usage in Germany

has dropped significantly by 16% and 1% respectively in 2017.

However, demand will still come from Asia.

India, a country with a population of more

than 1.3 billion, needs a lot of coal for electricity generation.

Coal Prices Rise 3% More! Tirta Widi Gilang Citradi, CNBC Indonesia

prices rose sharply in yesterday's

trade. The still high demand makes this

Yesterday, the price of coal on the ICE

Newcastle exchange jumped 3.19%

compared to the position of the close of

trading the previous day. But compared to e position of the beginning of the year,

coal prices still plummeted 33%.

It cannot be denied since the beginning of

the year a lot of sentiment has weighed on coal prices. One of the main factors is the

limitation of China's coal imports. This

targets coal imports to be the

Restrictions on imports in the Bamboo Curtain country are not without reason.

The Chinese government is trying to boost

the domestic coal industry and focus on a

more environmentally friendly energy

India and Southeast Asia Supporting

From the blue continent, coal imports have also declined in recent years. Germany as

one of the coal importers has reviewed the

energy mix. For electricity, the proportion

usage in Germany

has dropped significantly by 16% and 1%

However, demand will still come from Asia.

India, a country with a population of more

than 1.3 billion, needs a lot of coal for

Harga Batubara Melesat Lebih!

Tirta Widi Gilang Citradi, CNBC Indonesia

HARGA batubara naik tajam pada perdagang

an kemarin. Permintaan yang masih tinggi

membuat harga komoditas ini melambung.

Kemarin, harga batubara di bursa ICE

Newcastle melonjak 3,19% dibandingkan posisi penutupan perdagangan hari sebelum

nya. Namun dibandingkan dari posisi awal

tahun, harga batubara masih anjlok 33%.

Tak dapat dipungkiri sejak awal tahun

banyak sekali sentimen yang membebani

harga batubara. Salah satu faktor utama adalah pembatasan impor

Tahun ini, China menargetkan impor batu

bara di angka yang sama dengan tahun 2018,

tidak ada kenaikan.

Pembatasan impor di Negeri Tirai Bambu

bukan tanpa alasan. Pemerintah China berusaha untuk mendongkrak industri batubara

dalam negeri serta fokus pada kebijakan

energi yang lebih ramah lingkungan.

India dan Asia Tenggara Penopang

Kebutuhan Batubara

Dari benua biru, impor batubara juga mengalami penurunan beberapa tahun

terakhir. Jerman sebagai salah satu importir

batubara sudah meninjau

energi. Untuk urusan listrik, proporsi peng

gunaan hard coal dan lignite

turun signifikan masingpada 2017.

Namun, permintaan masih akan datang dari

Asia. India, negara dengan populasi lebih dari

1,3 milyar, ini membutuhkan banyak batu

bara untuk pembangkit listrik.

Page 10

Harga Batubara Melesat 3% Lebih!

Tirta Widi Gilang Citradi, CNBC Indonesia

batubara naik tajam pada perdagang-

Permintaan yang masih tinggi

membuat harga komoditas ini melambung.

Kemarin, harga batubara di bursa ICE

Newcastle melonjak 3,19% dibandingkan penutupan perdagangan hari sebelum-

nya. Namun dibandingkan dari posisi awal

tahun, harga batubara masih anjlok 33%.

Tak dapat dipungkiri sejak awal tahun

ekali sentimen yang membebani

harga batubara. Salah satu faktor utama san impor batubara China.

ini, China menargetkan impor batu-

bara di angka yang sama dengan tahun 2018,

Pembatasan impor di Negeri Tirai Bambu

bukan tanpa alasan. Pemerintah China ber-usaha untuk mendongkrak industri batubara

rta fokus pada kebijakan

energi yang lebih ramah lingkungan.

India dan Asia Tenggara Penopang

Dari benua biru, impor batubara juga mengalami penurunan beberapa tahun

terakhir. Jerman sebagai salah satu importir

batubara sudah meninjau ulang bauran

energi. Untuk urusan listrik, proporsi peng-

lignite di Jerman sudah

turun signifikan masing-masing 16% dan 1%

Namun, permintaan masih akan datang dari

Asia. India, negara dengan populasi lebih dari

ini membutuhkan banyak batu-

bara untuk pembangkit listrik.

IMA-Daily Update

Reporting from Refinitiv, India's coal production in 2018 is at 50 million tons

below the target. But it still grew by 9.8% yoy for the April-November 2018 period.

So coal production capacity and

consumption in India will be a reference

for demand.

In addition to India, the Southeast Asian market is also predicted to become the axis

of demand for coal. Indonesia as a global

player has also implemented a Domestic Market Obligation (DMO) which requir

25% of total output to be absorbed

domestically.

In the future, coal demand is still likely to increase in India and Southeast Asia. One

support is the electric car industry that is

being developed. Of course this will

increase electricity demand in theSoutheast Asian region, especially

Indonesia.

So far, coal is still the prima donna because it is cheap and generates a lot of energy for

electricity generation. Also reported by the

Ministry of Energy and Mineral Resources

(ESDM) data, Indonesia's coal r

still be sufficient for the next 36 years.

CNBC INDONESIA RESEARCH TEAM (taa/taa)

The World Threatened Recession, Gold Prices Even

More Sexy

FEARS of a global recession are

widespread. Turkey has fallen intorecession because its economy fell two consecutive quarters. Argentina has also experienced an economic crisis.

Reporting from Refinitiv, India's coal production in 2018 is at 50 million tons

below the target. But it still grew by 9.8% November 2018 period.

So coal production capacity and

consumption in India will be a reference

In addition to India, the Southeast Asian market is also predicted to become the axis

of demand for coal. Indonesia as a global

player has also implemented a Domestic Market Obligation (DMO) which requires

25% of total output to be absorbed

In the future, coal demand is still likely to increase in India and Southeast Asia. One

support is the electric car industry that is

being developed. Of course this will

increase electricity demand in the Southeast Asian region, especially

So far, coal is still the prima donna because it is cheap and generates a lot of energy for

electricity generation. Also reported by the

Ministry of Energy and Mineral Resources

(ESDM) data, Indonesia's coal reserves can

still be sufficient for the next 36 years.

CNBC INDONESIA RESEARCH TEAM (taa/taa)

Dilansir dari Refinitiv, produksi batubara India pada 2018 berada di 50 juta ton di bawah target. Namun masih tumbuh sebesar 9,8% yoy untuk periode AprilNovember 2018. Sehingga kapasitasproduksi dan konsumsi batubara di India akan menjadi acuan permintaan.

Selain India, pasar Asia Tenggara juga diprediksi akan menjadi poros permintaan terhadap batu bara. Indonesia sebagai pemain global juga sudah menerapkan adanya Domestic Market Obligation

yang mengharuskan 25% dari total output diserap di dalam negeri.

Ke depan kebutuhan batubara masihmungkin meningkat di kawasan India dan Asia Tenggara. Salah satu penunjang adalah industri mobil listrik yang tengah dikebangkan. Tentunya hal ini akan meningkatkan kebutuhan listrik di kawasan Asia Tenggara terutama Indonesia.

Sejauh ini batubara memang masih menjadi primadona karena harganya yang murah dan menghasilkan energi yang besar untuk pembangkit listrik. Selain itu dilansir dari data Kementerian Energi dan Sumber Daya Mineral (ESDM), cadangan batubaraIndonesia masih dapat mencukupi untuk 36 tahun ke depan. TIM RISET CNBC INDONESIA

(taa/taa)

The World Threatened Recession, Gold Prices Even

of a global recession are

widespread. Turkey has fallen into recession because its economy fell two consecutive quarters. Argentina has also experienced an economic crisis.

Dunia Terancam Resesi, Harga Emas Malah Makin Seksi

KEKHAWATIRAN resesi global meluas.

Turki sudah jatuh ke dalam resesi

perekonomiannya turun dua kuartal ber

turut-turut. Argentina juga telah meng

alami krisis ekonomi.

Page 11

Dilansir dari Refinitiv, produksi batubara pada 2018 berada di 50 juta ton di

bawah target. Namun masih tumbuh sebesar 9,8% yoy untuk periode April-

2018. Sehingga kapasitas produksi dan konsumsi batubara di India akan menjadi acuan permintaan.

Selain India, pasar Asia Tenggara juga diprediksi akan menjadi poros permintaan terhadap batu bara. Indonesia sebagai pemain global juga sudah menerapkan

Domestic Market Obligation (DMO) yang mengharuskan 25% dari total output diserap di dalam negeri.

Ke depan kebutuhan batubara masih mungkin meningkat di kawasan India dan Asia Tenggara. Salah satu penunjang adalah industri mobil listrik yang tengah dikem-bangkan. Tentunya hal ini akan meningkat-kan kebutuhan listrik di kawasan Asia Tenggara terutama Indonesia.

Sejauh ini batubara memang masih menjadi primadona karena harganya yang murah dan menghasilkan energi yang besar untuk pembangkit listrik. Selain itu dilansir dari data Kementerian Energi dan Sumber Daya Mineral (ESDM), cadangan batubara

pat mencukupi untuk 36 TIM RISET CNBC INDONESIA

Dunia Terancam Resesi, Harga Emas Malah Makin Seksi

resesi global meluas.

rki sudah jatuh ke dalam resesi lantaran

perekonomiannya turun dua kuartal ber-

turut. Argentina juga telah meng-

IMA-Daily Update

Investors are also concerned that they tend to do risk aversion. The Fear & Greed Index, as of 22.13 West Indonesia Time yesterday, was perched at level 30. This shows investors are in a position of fear. Not surprisingly, market participants invaded safe haven. One of them is gold.

Yesterday, the price of the December 2019 delivery contract on the Commodity Exchange reached US$ 1,556.20 per ounce troi. This is the highest price of gold since at least 2014 ago. During this year, the price of gold rose 18.57%.

The gold price of Logam Mulia, a subsidiary of PT Aneka Tambang Tbk (Antam), also reached an all-time record high. Yesterday, the selling price of Antam's gold rose to Rp775,000 per gram.

Turkey and Argentina are both not yet seen to emerge from the economic crisis in the near future. The financial crisis that struck Argentina also made hisment postpone debt payments of US$ 100 billion. Now Standard & Poor's (S&P) has put the debt in the category of potential defaults.

Recession began to peek at the US. This can be seen from the Uncle Sam'smanufacturing index data released by the Institute for Supply Management (ISM). The manufacturing index was at 49.1 last August. This position is lower than analyst consensus of 51.2. In addition, levels below 50 indicate contraction.

With the current global conditions, Garuda Futures Director Ibrahim sees the price of gold has the opportunity to penetrate US$ 1,600 per ounce troi.

A trade war between the US and China that has not yet finished adds to the charm of the yellow. "Therefore, market players are currently busy entering safe haven assets such as gold," he said yesterday.

Investors are also concerned that they tend to do risk aversion. The Fear & Greed

as of 22.13 West Indonesia Time yesterday, was perched at level 30. This shows investors are in a position of fear. Not surprisingly, market participants invaded safe haven. One of them is gold.

Yesterday, the price of the December 2019 n the Commodity

Exchange reached US$ 1,556.20 per ounce troi. This is the highest price of gold since at least 2014 ago. During this year, the

The gold price of Logam Mulia, a subsidiary of PT Aneka Tambang Tbk (Antam), also

time record high. Yesterday, the selling price of Antam's gold rose to

Turkey and Argentina are both not yet seen to emerge from the economic crisis in the near future. The financial crisis that struck Argentina also made his govern-ment postpone debt payments of US$ 100 billion. Now Standard & Poor's (S&P) has put the debt in the category of potential

Recession began to peek at the US. This can be seen from the Uncle Sam's manufacturing index data released by the

stitute for Supply Management (ISM). The manufacturing index was at 49.1 last August. This position is lower than analyst consensus of 51.2. In addition, levels below

With the current global conditions, Garuda him sees the price of

gold has the opportunity to penetrate US$

A trade war between the US and China that has not yet finished adds to the charm of the yellow. "Therefore, market players are currently busy entering safe haven assets uch as gold," he said yesterday.

Investor pun jeri sehingga cenderung melakukan risk aversion

Greed, per pukul 22.13 WIB kemarin, bertengger di level 30. Ini menunjukkan investor berada di posisi pelaku pasar menyerbu satunya emas.

Kemarin, harga emas kontrak pengiriman Desember 2019 di Commodity Exchange mencapai US$ 1.556.20 per ons troi. Ini adalah harga tertinggi emas paling tidak sejak 2014 silam. Sepanjang tahun ini, harga emas naik 18,57%.

Harga emas Logam Mulia, anak usaha PT Aneka Tambang Tbk (Antam), juga mencapai rekor tertinggi sepanjang masa. Kemarin, harga jual emas Antam naik mencapai Rp 775.000 per gram.

Turki dan Argentina samaterlihat bisa keluar dari krisis ekonomi dalam waktu dekat. Krisis keuangan yang melanda Argentina juga membuat pemerintahnya menunda pembayaran utang sebesar US$ 100 miliar. Kini Standard & Poor's (S&P) sudah memasukkan utang tersebut dalam kategori berpeluang gagal bayar.

Resesi pun mulai mengintip ASdari data indeks manufaktur Negeri Paman Sam yang dirilis Institute for Supply Management (ISM). Indeks manufaktur berada di level 49,1 pada Agustus lalu. Posisi ini lebih rendah ketimbang konsensus analis yang sebesar 51,2. Selain itu, level di bawah 50 menunjukkan kontraksi.

Dengan kondisi global yang saat ini terjadi, Direktur Garuda Berjangka Ibrahimmelihat harga emas berpeluang menembus US$ 1.600 per ons troi.

Perang dagang antara AS dan China yang belum kelar menambah pesona si "Karena itu, pelaku pasar saat ini ramairamai masuk ke asetemas," kata dia, kemarin.

Page 12

Investor pun jeri sehingga cenderung risk aversion. Indeks Fear &

, per pukul 22.13 WIB kemarin, bertengger di level 30. Ini menunjukkan investor berada di posisi fear. Tak heran, pelaku pasar menyerbu safe haven. Salah

Kemarin, harga emas kontrak pengiriman Desember 2019 di Commodity Exchange mencapai US$ 1.556.20 per ons troi. Ini adalah harga tertinggi emas paling tidak sejak 2014 silam. Sepanjang tahun ini, harga emas naik 18,57%.

as Logam Mulia, anak usaha PT Aneka Tambang Tbk (Antam), juga mencapai rekor tertinggi sepanjang masa. Kemarin, harga jual emas Antam naik mencapai Rp 775.000 per gram.

Turki dan Argentina sama-sama belum terlihat bisa keluar dari krisis ekonomi

tu dekat. Krisis keuangan yang melanda Argentina juga membuat peme-rintahnya menunda pembayaran utang sebesar US$ 100 miliar. Kini Standard & Poor's (S&P) sudah memasukkan utang tersebut dalam kategori berpeluang gagal

Resesi pun mulai mengintip AS. Ini terlihat dari data indeks manufaktur Negeri Paman Sam yang dirilis Institute for Supply Management (ISM). Indeks manufaktur berada di level 49,1 pada Agustus lalu. Posisi ini lebih rendah ketimbang konsen-sus analis yang sebesar 51,2. Selain itu,

el di bawah 50 menunjukkan kontraksi.

Dengan kondisi global yang saat ini terjadi, Direktur Garuda Berjangka Ibrahim melihat harga emas berpeluang menembus US$ 1.600 per ons troi.

Perang dagang antara AS dan China yang belum kelar menambah pesona si kuning. "Karena itu, pelaku pasar saat ini ramai-ramai masuk ke aset safe haven seperti emas," kata dia, kemarin.

IMA-Daily Update

Potential correction in gold prices

Asia Trade Point Futures Analyst Deddy Yusuf Siregar said, the price of gold could

continue to skyrocket if at the FOMC

meeting this month the Fed again cut its

benchmark interest rate.

Quoting Bloomberg, BNP Paribas SA analyst Harry Tchilinguirian sees the price

of gold as likely to move above US$ 1,600

per ounce troi. Because, the demand for

hedged assets soared.

In addition, the Fed has the potential to cut

interest rates again at this month's meeting

to combat slowing economic growth from a

trade war with China.

"The trade war is unlikely to finish quickly,

and gold has returned to its role as a safe

haven asset," Tchilinguirian said.

However, Maxco Futures analyst Suluh Adil Wicaksono warned, the price of gold could

be corrected if the recession really

happened.

"Recession is not the main reason for collecting gold, precisely when it happens

market participants should collect the US

dollar or Japanese yen," he advised.

The increase in gold prices also makes the demand for gold slowed.

India's gold import in August reportedly dropped 84% to 14.8 tons from 92.1 tons a

year earlier. This is India's lowest gold

import in the last three years.

If this continues to happen, the price of gold has the potential to be corrected.

However, Ibrahim and Suluh still estimate

global gold prices at the end of the year

could be in the range of US$ 1,600 per

ounce troi. Reporter: Adrianus Octaviano,

Anna Suci Perwitasari, Editor: Herry Prasetyo

Potential correction in gold prices

Asia Trade Point Futures Analyst Deddy Yusuf Siregar said, the price of gold could

f at the FOMC

meeting this month the Fed again cut its

Quoting Bloomberg, BNP Paribas SA analyst Harry Tchilinguirian sees the price

of gold as likely to move above US$ 1,600

per ounce troi. Because, the demand for

In addition, the Fed has the potential to cut

interest rates again at this month's meeting

to combat slowing economic growth from a

"The trade war is unlikely to finish quickly,

and gold has returned to its role as a safe

asset," Tchilinguirian said.

However, Maxco Futures analyst Suluh Adil Wicaksono warned, the price of gold could

be corrected if the recession really

"Recession is not the main reason for collecting gold, precisely when it happens

ants should collect the US

dollar or Japanese yen," he advised.

The increase in gold prices also makes the

India's gold import in August reportedly dropped 84% to 14.8 tons from 92.1 tons a

year earlier. This is India's lowest gold

If this continues to happen, the price of gold has the potential to be corrected.

However, Ibrahim and Suluh still estimate

global gold prices at the end of the year

could be in the range of US$ 1,600 per

r: Adrianus Octaviano,

Anna Suci Perwitasari, Editor: Herry Prasetyo

Potensi koreksi harga emas

Analis Asia Trade Point Futures Deddy Yusuf Siregar menyebut, harga emas bisa terus meroket jika dalam pertemuan FOMC bulan ini The Fed kembali memangkas suku bunga acuan.

Mengutip Bloomberg, SA Harry Tchilinguirian melihat harga emas berpeluang bergerak ke atas US$ 1.600 per ons troi. Sebab, permintaan terhadap aset lindung nilai melonjak.

Selain itu, The Fed berpotensi kembali memangkas suku bunga di pertemuan bulan ini untuk memerangi perlambatan pertumbuhan ekonomi dari perang dagang dengan China.

"Perang dagang tidak mungkin selesai dengan cepat, dan emas telah kembali ke perannya sebagai aset Tchilinguirian.

Namun, analis Maxco Futures Suluh Adil Wicaksono memperingatkan, harga emas bisa terkoreksi jika resesi benarterjadi.

"Resesi bukan alasan utama mengoleksi emas, justru ketika itu terjadi sebaiknya pelaku pasar mengoleksi dollar AS atau yen Jepang," saran dia.

Kenaikan harga emas juga membuat permintaan emas melambat.

mpor emas India di Agustus dikabarkan anjlok 84% jadi 14,8 ton dari 92,1 ton setahun sebelumnya. Ini impor emas terendah India dalam tiga tahun terakhir.

Jika hal ini terus terjadi, hargaberpotensi terkoreksi. Namun, Ibrahim dan Suluh masih memperkirakan harga emas global di akhir tahun bisa berada di kisaran US$ 1.600 per ons troi. Octaviano, Anna Suci Perwitasari, Editor: Herry

Prasetyo

Page 13

Potensi koreksi harga emas

Analis Asia Trade Point Futures Deddy Yusuf Siregar menyebut, harga emas bisa terus meroket jika dalam pertemuan FOMC bulan ini The Fed kembali memangkas

analis BNP Paribas SA Harry Tchilinguirian melihat harga emas berpeluang bergerak ke atas US$ 1.600 per ons troi. Sebab, permintaan terhadap aset lindung nilai melonjak.

Selain itu, The Fed berpotensi kembali uku bunga di pertemuan

bulan ini untuk memerangi perlambatan pertumbuhan ekonomi dari perang dagang

"Perang dagang tidak mungkin selesai dengan cepat, dan emas telah kembali ke perannya sebagai aset safe haven," kata

analis Maxco Futures Suluh Adil Wicaksono memperingatkan, harga emas bisa terkoreksi jika resesi benar-benar

"Resesi bukan alasan utama mengoleksi emas, justru ketika itu terjadi sebaiknya pelaku pasar mengoleksi dollar AS atau

dia.

Kenaikan harga emas juga membuat permintaan emas melambat.

mpor emas India di Agustus dikabarkan anjlok 84% jadi 14,8 ton dari 92,1 ton setahun sebelumnya. Ini impor emas terendah India dalam tiga tahun terakhir.

Jika hal ini terus terjadi, harga emas berpotensi terkoreksi. Namun, Ibrahim dan Suluh masih memperkirakan harga emas global di akhir tahun bisa berada di kisaran US$ 1.600 per ons troi. Reporter: Adrianus

Octaviano, Anna Suci Perwitasari, Editor: Herry

IMA-Daily Update

Indonesia sees surge in nickel

INDONESIA’s ban on nickel ore exports could boost the country’s earnings from

five-fold in the next five years through growth in industries such as stainless steel and battery

materials, a minister said on Wednesday.

In a move that threatens to cut global supply, the world’s top nickel miner said this week it

would stop nickel ore exports from Jan. 1, 2020, two years earlier than initially indicated, to

promote more domestic processing.

Luhut Pandjaitan, a coordinating minister overseeing mining, said nickel

earnings will surge from last year’s $5.8 billion

the nickel-rich region of Morowali in Central Sulawesi province.

“Now (exports) may be at $7.8 billion, in 2020 they will reach $12 billion and in 2024 they

may exceed $30 billion, including exports of lithium

first electric car show.

Indonesian authorities have expressed hopes that nickel

production of stainless steel and battery materials will grow to become one of the country’s

main industries, overshadowing current top commodity palm oil in 10 to 15 years.

Pandjaitan said the current investment pipeline showed that as much as $30 billion could be

spent on nickel processing in the Morowali region to 2024.

That includes a $4 billion li

Contemporary Amperex Technology Co Ltd (CATL) which supplies batteries for carmakers

like Volkswagen, Mercedes and Tesla, the minister said, noting this will either start at the end

of the year or early 2020.

Indonesia aims to have 36 nickel smelters by 2022 with a total ore processing capacity of 81

million tonnes per year.

Southeast Asia’s largest economy also aspires to become an electric vehicle (EV) hub for Asia

and beyond with a target to start E

incentives to encourage investment in the sector.

Automotive companies like Japan’s Toyota Motor Corp, which has a plan to invest $2 billion in

EV production in Indonesia according to authorities, Mits

Motors Holding and Dongfeng Sokon Indonesian unit are displaying their EV prototypes in

the car show.

Reporting by Bernadette Christina; writing by Gayatri Suroyo; editing by Richard Pullin

Indonesia sees surge in nickel-related exports after ore export banBernadette Christina

ban on nickel ore exports could boost the country’s earnings from

fold in the next five years through growth in industries such as stainless steel and battery

materials, a minister said on Wednesday.


ickel ore exports from Jan. 1, 2020, two years earlier than initially indicated, to

promote more domestic processing.

Luhut Pandjaitan, a coordinating minister overseeing mining, said nickel

earnings will surge from last year’s $5.8 billion, with investment in processing pouring into

rich region of Morowali in Central Sulawesi province.


may exceed $30 billion, including exports of lithium batteries,” Pandjaitan said at Indonesia’s

Indonesian authorities have expressed hopes that nickel-related industries such as the


dustries, overshadowing current top commodity palm oil in 10 to 15 years.


spent on nickel processing in the Morowali region to 2024.

That includes a $4 billion lithium battery project by several companies, including





and beyond with a target to start EV production in 2022. The government has laid out tax

incentives to encourage investment in the sector.


EV production in Indonesia according to authorities, Mitsubishi Motors Corp, China’s Wuling



Page 14

related exports after ore export ban

ban on nickel ore exports could boost the country’s earnings from the metal

fold in the next five years through growth in industries such as stainless steel and battery


ickel ore exports from Jan. 1, 2020, two years earlier than initially indicated, to

Luhut Pandjaitan, a coordinating minister overseeing mining, said nickel-related export

, with investment in processing pouring into


batteries,” Pandjaitan said at Indonesia’s

related industries such as the


dustries, overshadowing current top commodity palm oil in 10 to 15 years.


thium battery project by several companies, including





V production in 2022. The government has laid out tax


ubishi Motors Corp, China’s Wuling



IMA-Daily Update

Indonesian nickel ore

WHY has the ban been brought forward?

In theory, Indonesia only allowed exports of ore grading below 1.7% Ni. developments in Indonesia, by the likes of QMB and Huayou, to construct leaching plants to process limonite ore grading below this level mean that the “low grade” ores can now be processed domestically. Secondly, it is understood that the governmento preserve its nickel resource base to ensure longevity for the existing and future domestic smelter developments. (For reference, the last nickel reserve and resource data provided by the ESDM was in 2014. Total nickel metal resour3711.6 Mt of ore. The statement from the ESDM on 2 September suggests current known resources to be 2800 Mt – which pro

Current ore export status

Indonesian ore exports to June total 12.349 Mwmt. Assuming this material to be all grading 1.7% Ni, this equates to around 140 kt Ni. The bulk of this material has been exported to China, with smaller quantities going to Ukraine and Japan. We are aware of there being 36.7 Mwmt of export permits currently in place (although some reports suggest 38 Mwmt). Of these, 8.55 Mwmt expire at the end of September, and a total of 18 Mwmt expire by the end of 2019.

To date, monthly Chinese imports of ore from Indonesia has averaged around 23 kt Nequivalent to 280 ktpa nickel. If all the available permitted quotas were used in 2019, then, in theory, Chinese imports could be closer to 400 kt Ni contained.

Given the ban on ore exports now being imposed by year end, it is highly likely that tonnages will rise significantly between now and December. If arrivals follow a similar pattern to that shown in 2014 and the prior ban, then significant tonnages would continue to arrive in January and February of 2020.

Can the loss be made up from

New Caledonia is ramping up its exports to 4 Mwt from 1.57 Mwt in 2018. Guatemala is facing potential cut backs should Solway’s Fenix operations have to close due to local environmental and political issues – although Chinese imports from Guatein 2018. However, these are small suppliers compared with the Philippines, which is viewed as the main potential source of additional ore to offset any loss of Indonesian material.

In 2014, when the initial ore export ban waChina from 29.6 Mt (dry basis) in 2013 to 36.4 Mt in 2014 and 34.3 Mt in 2015.time imports into China have averaged around 30 Mt and look likely to be around the same level for 2019. The increase in production was predominantly achieved by increased production from mines in the Autonomous Region in Muslim Mindanao (ARMM), in particular from Tawi Tawi.

Indonesian nickel ore export ban – implications for nickel supplyWood Mackenzie

has the ban been brought forward?

In theory, Indonesia only allowed exports of ore grading below 1.7% Ni. developments in Indonesia, by the likes of QMB and Huayou, to construct leaching plants to process limonite ore grading below this level mean that the “low grade” ores can now be processed domestically. Secondly, it is understood that the government wishes to take steps to preserve its nickel resource base to ensure longevity for the existing and future domestic smelter developments. (For reference, the last nickel reserve and resource data provided by the ESDM was in 2014. Total nickel metal resources at that time were stated as 54.54 Mt in 3711.6 Mt of ore. The statement from the ESDM on 2 September suggests current known

which pro-rates to 41.1Mt of nickel contained).

ne total 12.349 Mwmt. Assuming this material to be all grading 1.7% Ni, this equates to around 140 kt Ni. The bulk of this material has been exported to China, with smaller quantities going to Ukraine and Japan. We are aware of there being 36.7

ort permits currently in place (although some reports suggest 38 Mwmt). Of these, 8.55 Mwmt expire at the end of September, and a total of 18 Mwmt expire by the end of

To date, monthly Chinese imports of ore from Indonesia has averaged around 23 kt Nequivalent to 280 ktpa nickel. If all the available permitted quotas were used in 2019, then, in theory, Chinese imports could be closer to 400 kt Ni contained.

Given the ban on ore exports now being imposed by year end, it is highly likely that tonnages will rise significantly between now and December. If arrivals follow a similar pattern to that shown in 2014 and the prior ban, then significant tonnages would continue to arrive in January and February of 2020.

Can the loss be made up from elsewhere?

New Caledonia is ramping up its exports to 4 Mwt from 1.57 Mwt in 2018. Guatemala is facing potential cut backs should Solway’s Fenix operations have to close due to local environmental

although Chinese imports from Guatemala were only around 300 kwmtin 2018. However, these are small suppliers compared with the Philippines, which is viewed as the main potential source of additional ore to offset any loss of Indonesian material.

In 2014, when the initial ore export ban was put in place, the Philippines raised ore exports to China from 29.6 Mt (dry basis) in 2013 to 36.4 Mt in 2014 and 34.3 Mt in 2015.time imports into China have averaged around 30 Mt and look likely to be around the same

crease in production was predominantly achieved by increased production from mines in the Autonomous Region in Muslim Mindanao (ARMM), in particular

Page 15

implications for nickel supply

In theory, Indonesia only allowed exports of ore grading below 1.7% Ni. Current developments in Indonesia, by the likes of QMB and Huayou, to construct leaching plants to process limonite ore grading below this level mean that the “low grade” ores can now be

t wishes to take steps to preserve its nickel resource base to ensure longevity for the existing and future domestic smelter developments. (For reference, the last nickel reserve and resource data provided by

ces at that time were stated as 54.54 Mt in 3711.6 Mt of ore. The statement from the ESDM on 2 September suggests current known

rates to 41.1Mt of nickel contained).

ne total 12.349 Mwmt. Assuming this material to be all grading 1.7% Ni, this equates to around 140 kt Ni. The bulk of this material has been exported to China, with smaller quantities going to Ukraine and Japan. We are aware of there being 36.7

ort permits currently in place (although some reports suggest 38 Mwmt). Of these, 8.55 Mwmt expire at the end of September, and a total of 18 Mwmt expire by the end of

To date, monthly Chinese imports of ore from Indonesia has averaged around 23 kt Ni in ore, equivalent to 280 ktpa nickel. If all the available permitted quotas were used in 2019, then, in

Given the ban on ore exports now being imposed by year end, it is highly likely that export tonnages will rise significantly between now and December. If arrivals follow a similar pattern to that shown in 2014 and the prior ban, then significant tonnages would continue to

New Caledonia is ramping up its exports to 4 Mwt from 1.57 Mwt in 2018. Guatemala is facing potential cut backs should Solway’s Fenix operations have to close due to local environmental

mala were only around 300 kwmt in 2018. However, these are small suppliers compared with the Philippines, which is viewed as the main potential source of additional ore to offset any loss of Indonesian material.

s put in place, the Philippines raised ore exports to China from 29.6 Mt (dry basis) in 2013 to 36.4 Mt in 2014 and 34.3 Mt in 2015. Since that time imports into China have averaged around 30 Mt and look likely to be around the same

crease in production was predominantly achieved by increased production from mines in the Autonomous Region in Muslim Mindanao (ARMM), in particular

IMA-Daily Update

However, some mines in the Tawi Tawi region are apparently nearing exhaustion. For

example, SR Languyan, one of the largest mines in the Philippines, exporting around 800 ktpa

(wet) of high grade ore, is expected to cease production by the end of the year.

It is also reported that the Philippines Minister of Resources will issue a decree to susp

mining activities in the ARMM, as the local government needs to impose profit sharing

agreements and review tax and environmental compliance.

In addition, there is another round of country

there are restrictions on the area of a mine site that can be operational at any one time. These

all signal that the average 30 Mtpa that the Philippines has exported to China in the past three years is unlikely to increase; indeed, it is more likely to decline.

For 2019 there will be no impact on Chinese NPI production and we continue to forecast 570

kt Ni in NPI.

Looking ahead, if we assume imports from the Philippines continue at around 30 Mt,

equivalent to ca. 275 kt Ni, and New Caledonia reaches its 4 Mwmt annualis

H2 2020, equivalent to ca. 50 kt Ni, and we assume a further 5 kt of nickel from other ore sources (Guatemala, Turkey, Albania), then the total “secure” long

around 300kt Ni in Chinese NPI, after taking account

Therefore, from 2021 Chinese Ni in NPI production will decline from our current forecast of

490 kt to 300 kt and remain at this level going forward as a maximum. As noted, it is our view

that Filipino ore export volumes w

to provide the 275 ktpa indicated above.


SR Languyan, one of the largest mines in the Philippines, exporting around 800 ktpa


It is also reported that the Philippines Minister of Resources will issue a decree to susp


agreements and review tax and environmental compliance.

In addition, there is another round of country-wide environmental inspections underway and

ictions on the area of a mine site that can be operational at any one time. These

all signal that the average 30 Mtpa that the Philippines has exported to China in the past three years is unlikely to increase; indeed, it is more likely to decline.

19 there will be no impact on Chinese NPI production and we continue to forecast 570


equivalent to ca. 275 kt Ni, and New Caledonia reaches its 4 Mwmt annualis

H2 2020, equivalent to ca. 50 kt Ni, and we assume a further 5 kt of nickel from other ore sources (Guatemala, Turkey, Albania), then the total “secure” long-term feed is sufficient for

around 300kt Ni in Chinese NPI, after taking account of recovery losses in processing.



that Filipino ore export volumes will decline in 2020 and beyond and, therefore, are unlikely

to provide the 275 ktpa indicated above.

Page 16


SR Languyan, one of the largest mines in the Philippines, exporting around 800 ktpa


It is also reported that the Philippines Minister of Resources will issue a decree to suspend all


wide environmental inspections underway and

ictions on the area of a mine site that can be operational at any one time. These

all signal that the average 30 Mtpa that the Philippines has exported to China in the past three

19 there will be no impact on Chinese NPI production and we continue to forecast 570


equivalent to ca. 275 kt Ni, and New Caledonia reaches its 4 Mwmt annualised rate from the

H2 2020, equivalent to ca. 50 kt Ni, and we assume a further 5 kt of nickel from other ore term feed is sufficient for

of recovery losses in processing.



ill decline in 2020 and beyond and, therefore, are unlikely

IMA-Daily Update

For 2020 the impact on our view will probably be less significant. It is safe to assume that

those producers with export licences will endeavour to export

before year end. Also, as noted above, following the ban in 2014, a further 10 Mt arrived in

China in January and February of 2014

left Indonesia prior to the 11 January cut

ore could arrive in China before the ban comes into force.

So assuming the supply of 275 kt from the Philippines, 400 kt from Indonesia and 20 kt from

New Caledonia, plus a further 5 kt from other sources

reach 700 kt, equivalent to around 630 kt Ni in NPI. Based on our forecast for 570 kt for the

year, this would leave enough nickel in ore in 2020 to produce around 60 kt Ni.

Combining with the 300 kt detailed abov

360 kt Ni in 2020. However, we are aware that some NPI plants are holding around 4

months of ore stocks. While it is not possible to quantify the absolute stock being held by the

smelters, if we take a view that the top five producers at least have four months’ stock, this

would sustain output of approximately 110 kt Ni in NPI. In addition, port stocks in China are

indicated to contain around 115 kt Ni.

Assuming all this stock is utilised, then the com

would be 574 kt. Our current forecast for 2020 stands at 516 kt. Thus, for the present, this

level of production would still appear achievable.

feed should be viewed as a maximum. Consequently, we have made a modest downward

revision to 500 kt. Further revision will be necessary dependent on the volumes of ore

exports Indonesia achieves in the coming months.


those producers with export licences will endeavour to export as much material as possible


China in January and February of 2014 – presumably as a consequence of shipments having

prior to the 11 January cut-off date. On this basis, up to a further 260 kt Ni in

ore could arrive in China before the ban comes into force.


New Caledonia, plus a further 5 kt from other sources, total nickel-in-ore feed for 2019 could



Combining with the 300 kt detailed above of ongoing feed would suggest a production rate of

360 kt Ni in 2020. However, we are aware that some NPI plants are holding around 4


view that the top five producers at least have four months’ stock, this


indicated to contain around 115 kt Ni.

Assuming all this stock is utilised, then the combined potential for Ni in NPI in China for 2020


level of production would still appear achievable. That said, the estimates above for available

wed as a maximum. Consequently, we have made a modest downward


exports Indonesia achieves in the coming months.

Page 17


as much material as possible


presumably as a consequence of shipments having

f date. On this basis, up to a further 260 kt Ni in


ore feed for 2019 could



e of ongoing feed would suggest a production rate of

360 kt Ni in 2020. However, we are aware that some NPI plants are holding around 4-6


view that the top five producers at least have four months’ stock, this


bined potential for Ni in NPI in China for 2020


That said, the estimates above for available

wed as a maximum. Consequently, we have made a modest downward


IMA-Daily Update

Can Indonesian NPI production increases offset the

We estimate the total loss in nickel production because of the ore export ban at 16 kt in 2020,

190 kt in 2021, 112 kt for 2022 and 85 ktpa from 2023 onwards. However, there are smelter

projects planned in Indonesia, as well as latent

prices and high coke prices, that in theory could come back into production.

The total idled capacity stands at around 50 ktpa Ni. We have a further 40 ktpa of nickel

production in our probable projects. However,

take at least two years. The most likely source of any near

from existing smelters. Capacity additions at Indonesia’s industrial parks can be added very

quickly. By example, four new lines were added at the Indonesia Morowali Industrial Park

(IMIP) and commissioned within 15 months (for a total capacity of ca. 36 kt Ni). Tsingshan

will add a further six lines over the course of 2019 and potentially a further two in 2020.

While production from these expansions are already accounted for in our supply outlook,

Virtue Dragon (Delong) has suggested that its stage 2 expansion in Konawe could add another

35 RKEF lines to the existing 15. Potentially this could add over 250 kt Ni in NPI

Indonesia.

In theory therefore, Indonesia could easily offset the loss in NPI production in China. In

reality, the capacity expansion at Virtue Dragon is likely to be slow (past performance

indicates that Virtue Dragon cannot add capacity as

offsetting the total production loss estimated for 2021 is unlikely. Beyond 2021, the potential

for Indonesian NPI production to compensate for the loss of output in China is much more

likely.

Summary

The early implementation of an ore export ban by Indonesia is, in our view, unlikely to impact

nickel production in 2019. Likewise, while it is probable that we will need to reduce out

Chinese nickel in NPI production from the current forecast of 516 kt, this could st

conservative depending on how much ore permit holders manage to export over the

remainder of 2019 and into early 2020. From 2020, the export ban is expected to result in a

loss of 16 kt, 190 kt in 2021, 112 kt in 2022 and 85 ktpa from 2024 onward

We do not believe that the total forecast loss in production in 2021 can be offset by a

production increase in Indonesia. For 2020, should the nickel prices remain at current levels,

it will be sufficient to support the reactivation of around 50 kt of

offsetting the modest production loss forecast.

For 2021 we do not believe that the loss of 190 kt of production can be offset by increases in

output elsewhere. From 2022 onwards, our view is that the bulk of the lost output

offset by increased output in Indonesia assuming funds can be secured for the planned

expansions.♦

Can Indonesian NPI production increases offset the supply lost in China?



projects planned in Indonesia, as well as latent capacity that was idled due to low nickel



production in our probable projects. However, development of these to production status will

take at least two years. The most likely source of any near-term production response will be


our new lines were added at the Indonesia Morowali Industrial Park



production from these expansions are already accounted for in our supply outlook,


35 RKEF lines to the existing 15. Potentially this could add over 250 kt Ni in NPI



indicates that Virtue Dragon cannot add capacity as quickly as Tsingshan at IMIP). Therefore,



plementation of an ore export ban by Indonesia is, in our view, unlikely to impact


Chinese nickel in NPI production from the current forecast of 516 kt, this could st



loss of 16 kt, 190 kt in 2021, 112 kt in 2022 and 85 ktpa from 2024 onward



it will be sufficient to support the reactivation of around 50 kt of idled blast furnace capacity,

offsetting the modest production loss forecast.


output elsewhere. From 2022 onwards, our view is that the bulk of the lost output


Page 18

supply lost in China?



capacity that was idled due to low nickel



development of these to production status will

term production response will be


our new lines were added at the Indonesia Morowali Industrial Park



production from these expansions are already accounted for in our supply outlook,


35 RKEF lines to the existing 15. Potentially this could add over 250 kt Ni in NPI production in



quickly as Tsingshan at IMIP). Therefore,



plementation of an ore export ban by Indonesia is, in our view, unlikely to impact


Chinese nickel in NPI production from the current forecast of 516 kt, this could still prove



loss of 16 kt, 190 kt in 2021, 112 kt in 2022 and 85 ktpa from 2024 onwards.



idled blast furnace capacity,


output elsewhere. From 2022 onwards, our view is that the bulk of the lost output could be


IMA-Daily Update

Copper recovers from 2

COPPER prices rose on Wednesday from a two

weaker dollar, rising global stock markets and arbitrage trading after London prices dropped below levels in China.

Benchmark copper on the London Metal Exchange (LME) closed up 2.5% at $5,748 a tonne after hitting $5,518 on Tuesday, the lowest since May 2017.

Tuesday's plunge followed an unexpected contraction of U.S. factory activity run of poor readings across the world as a U.S.growth. Copper, used in power and colast year.

Its recovery on Wednesday was "due in part to the somewhat weaker dollar and benign equity markets, which give support to base metals," Commerzbank analyst Daniel Briesemann said.

He said bleak economic data had caused him to revise his forecast for prices at the end of the year to $6,000 from $6,500.

MARKETS: Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three

DOLLAR: The dollar weakened from twothem cheaper for buyers with other currencies.

ARB TRADING: LME prices were supported by investors finding it profitable to buy the London copper contract and simultaneously sell the Shanghai copper contract, traders and analysts said.

COPPER STOCKS: On-warrant copper inventories available to the market in LMEwarehouses have dropped to 209,650 tonnes from more than 300,000 tonnes in mid

CHINA PREMIUMS: Yangshan copper import premiums at $77.50 are their highest since November 2018, pointing to higher demand in the world's largest consumer of metals.

TRADE WAR: U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on.

NICKEL: The premium for cash nickel over threefrom a 10-year high of more than benchmark LME contract ended flat at $17,980 a tonne, holding near a 5reached on Monday after top supplier Indonesia accelerated a ban on nickel ore exports.

NICKEL DEFICIT: Indonesia's ban, to enter force on Jan. 1, will push the roughly 2.3tonne a year nickel market into a 180,000 tonne deficit in 2020, analysts at ANZ said.

Copper recovers from 2-year low but demand outlook still weakBy Peter Hobson, Reuters

prices rose on Wednesday from a two-year low in the previous session, helped by a

weaker dollar, rising global stock markets and arbitrage trading after London prices dropped

Benchmark copper on the London Metal Exchange (LME) closed up 2.5% at $5,748 a tonne on Tuesday, the lowest since May 2017.

Tuesday's plunge followed an unexpected contraction of U.S. factory activity run of poor readings across the world as a U.S.-China trade dispute weakens economic growth. Copper, used in power and construction, has slumped around 20% from highs in June

Its recovery on Wednesday was "due in part to the somewhat weaker dollar and benign equity markets, which give support to base metals," Commerzbank analyst Daniel

eak economic data had caused him to revise his forecast for prices at the end of the

MARKETS: Global markets rebounded after a private survey showed that activity in China's services sector expanded at the fastest pace in three months in August.

DOLLAR: The dollar weakened from two-year highs, helping dollar-priced metals by making them cheaper for buyers with other currencies.

ARB TRADING: LME prices were supported by investors finding it profitable to buy the ontract and simultaneously sell the Shanghai copper contract, traders and

warrant copper inventories available to the market in LMEwarehouses have dropped to 209,650 tonnes from more than 300,000 tonnes in mid


TRADE WAR: U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on.

NICKEL: The premium for cash nickel over three-month metal on the LME has fallen to $33 year high of more than $100 last week, suggesting a supply crunch is easing. The

benchmark LME contract ended flat at $17,980 a tonne, holding near a 5-reached on Monday after top supplier Indonesia accelerated a ban on nickel ore exports.

ndonesia's ban, to enter force on Jan. 1, will push the roughly 2.3tonne a year nickel market into a 180,000 tonne deficit in 2020, analysts at ANZ said.

Page 19

year low but demand outlook still weak

the previous session, helped by a

weaker dollar, rising global stock markets and arbitrage trading after London prices dropped

Benchmark copper on the London Metal Exchange (LME) closed up 2.5% at $5,748 a tonne

Tuesday's plunge followed an unexpected contraction of U.S. factory activity -- the latest in a China trade dispute weakens economic

nstruction, has slumped around 20% from highs in June

Its recovery on Wednesday was "due in part to the somewhat weaker dollar and benign equity markets, which give support to base metals," Commerzbank analyst Daniel

eak economic data had caused him to revise his forecast for prices at the end of the

MARKETS: Global markets rebounded after a private survey showed that activity in China's

priced metals by making

ARB TRADING: LME prices were supported by investors finding it profitable to buy the ontract and simultaneously sell the Shanghai copper contract, traders and

warrant copper inventories available to the market in LME-registered warehouses have dropped to 209,650 tonnes from more than 300,000 tonnes in mid-August.


TRADE WAR: U.S. President Donald Trump on Tuesday warned he would be "tougher" on

month metal on the LME has fallen to $33 $100 last week, suggesting a supply crunch is easing. The

-year high of $18,850 reached on Monday after top supplier Indonesia accelerated a ban on nickel ore exports.

ndonesia's ban, to enter force on Jan. 1, will push the roughly 2.3-million tonne a year nickel market into a 180,000 tonne deficit in 2020, analysts at ANZ said.

IMA-Daily Update

"However, this market is remarkably resilient. High inventories and alternative sources should see this supply-squeeze subside, limiting the upside in prices from here," they said.

OTHER METALS: LME aluminium finished up 1.3% at $1,775 a tonne, zinc rose 4.8% to $2,310, lead gained 3% to $2,050 and tin closed 3% higher at $17,200.

(Reporting by Peter Hobson; additional reporting by Mai Nguyen; editing by Jane Merriman and Louise

Heavens)

Malaysia defends move to extend Lynas licence

MALAYSIA’s government said on Wednesday its decision last month to extend a licence for

Australia’s Lynas Corp for processing rare earth minerals aimed to show investors that the Southeast Asian nation was open for business and preserve 600 jobs.

Prime Minister Tun Dr Mahathir Mohamad’s party had promised to halt the firm’s operations when campaigning in the May 2018 election, after concerns were raised by politicians and activists about the production of radioactive waste from the process.

Lynas, the largest rare earths producer outside China that sells most of its products to Japan, says the low-level radioactive waste is not hazardous.

The government said last month it was extending the firm’s licence, a move that sparked protests from activists and politicians even though it set tougher terms and offered a sixmonth extension that was shorter th

Outlining reasons for the government’s decision, the prime minister’s office said closing the operation would lead to more than 600 local employees losing their jobs and it would have a “negative impact on Malaysia’s credibility as a business

The prime minister’s office also said in the statement that failing to extend the licence would mean Malaysia would be “unable to break the Chinese monopoly as the sole exporter of rare earths.”

China has a tight grip on the rare earths marminerals that are used in smartphones and other consumer electronics, and also used in the defence industry and other sectors.

The U.S. Department of Defense has been in talks with Australia to host a facility thprocess rare earth minerals in an effort to reduce reliance on China for the specialised materials.

Activists in Malaysia have urged the government to review the decision to extend the licence for Lynas.

“We hope they can re-examine their mistakesTan Bun Teet, chairman of nonReuters

"However, this market is remarkably resilient. High inventories and alternative sources squeeze subside, limiting the upside in prices from here," they said.

OTHER METALS: LME aluminium finished up 1.3% at $1,775 a tonne, zinc rose 4.8% to $2,310, lead gained 3% to $2,050 and tin closed 3% higher at $17,200.



government said on Wednesday its decision last month to extend a licence for

alia’s Lynas Corp for processing rare earth minerals aimed to show investors that the Southeast Asian nation was open for business and preserve 600 jobs.

Prime Minister Tun Dr Mahathir Mohamad’s party had promised to halt the firm’s operations ning in the May 2018 election, after concerns were raised by politicians and

activists about the production of radioactive waste from the process.

Lynas, the largest rare earths producer outside China that sells most of its products to Japan, level radioactive waste is not hazardous.

The government said last month it was extending the firm’s licence, a move that sparked protests from activists and politicians even though it set tougher terms and offered a sixmonth extension that was shorter than usual.

Outlining reasons for the government’s decision, the prime minister’s office said closing the operation would lead to more than 600 local employees losing their jobs and it would have a “negative impact on Malaysia’s credibility as a business-friendly country.”

The prime minister’s office also said in the statement that failing to extend the licence would mean Malaysia would be “unable to break the Chinese monopoly as the sole exporter of rare

China has a tight grip on the rare earths market, as the world’s biggest producer of the minerals that are used in smartphones and other consumer electronics, and also used in the defence industry and other sectors.

The U.S. Department of Defense has been in talks with Australia to host a facility thprocess rare earth minerals in an effort to reduce reliance on China for the specialised

Activists in Malaysia have urged the government to review the decision to extend the licence

examine their mistakes and start to serve the interests of the people,” Tan Bun Teet, chairman of non-government group ‘Save Malaysia Stop Lynas’, told Reuters.

Page 20

"However, this market is remarkably resilient. High inventories and alternative sources squeeze subside, limiting the upside in prices from here," they said.

OTHER METALS: LME aluminium finished up 1.3% at $1,775 a tonne, zinc rose 4.8% to



government said on Wednesday its decision last month to extend a licence for

alia’s Lynas Corp for processing rare earth minerals aimed to show investors that the

Prime Minister Tun Dr Mahathir Mohamad’s party had promised to halt the firm’s operations ning in the May 2018 election, after concerns were raised by politicians and

Lynas, the largest rare earths producer outside China that sells most of its products to Japan,

The government said last month it was extending the firm’s licence, a move that sparked protests from activists and politicians even though it set tougher terms and offered a six-

Outlining reasons for the government’s decision, the prime minister’s office said closing the operation would lead to more than 600 local employees losing their jobs and it would have a

endly country.”

The prime minister’s office also said in the statement that failing to extend the licence would mean Malaysia would be “unable to break the Chinese monopoly as the sole exporter of rare

ket, as the world’s biggest producer of the minerals that are used in smartphones and other consumer electronics, and also used in the

The U.S. Department of Defense has been in talks with Australia to host a facility that would process rare earth minerals in an effort to reduce reliance on China for the specialised

Activists in Malaysia have urged the government to review the decision to extend the licence

and start to serve the interests of the people,” government group ‘Save Malaysia Stop Lynas’, told Reuters.

IMA-Daily Update

Coal India production drops 2.8%

COAL India Ltd. (CIL) ended the first five months of this fiscal with a 2.8% production

decline, mining 210.2 million tonnes against 216.2 millIn August its output dropped by 10.3%.

Two of its high-yielding subsidiaries, South Eastern Coalfields Ltd. (SECL) and Mahanadi Coalfields Ltd. (MCL), ended the period with a lower production compared with the yearearlier period.

Coal offtake between April and August 2019 dropped by 2.5 million tonnes. In August, four out of CIL’s seven coal-producing subsidiaries lost production, showing negative growth rates over those clocked a year ago. This was due to various fa

Law and order issues

CIL sources said that law and order problems at some of the subsidiaries and heavy rains in western India had led to this production loss. There were also two mine accidents that led to production loss

Edelweiss Securities said in an update that CIL’s August 2019 production and offtake volume decline was the worst in the past three years. It said that the delay in finalisation of subcontracts and mining fatalities at MCL and SECL impacted production. Higherexpected rainfall, too, hit mining. On the offtake front, it said that lower rake availability led to loading of 178 rakes daily in August 2019 against 250 rakes of daily loading in July.

However, the brokerage firm was optimistic that CIL will get over its current productby resolving the issues at hand and register a growth rate of around 4.5%. It felt that achieving the year’s target of 660 million tonnes, requiring a 15% growth rate may be a

daunting task for the behemoth.

Canada’s Teranga kicks off

TERANGA Gold (TSE: TGZ) has

Faso ahead of schedule, the Canadian miner announced Wednesday.

The mine, which is the company’s second gold operation after Sabodala, in Senegal, began processing ore in August and it is expected to prodthe remainder of 2019.

As a result, Teranga anticipates its 2020 consolidated annual production to increase to between 300,000 and 350,000 ounces.

Coal India production drops 2.8% Special Correspondent

India Ltd. (CIL) ended the first five months of this fiscal with a 2.8% production

decline, mining 210.2 million tonnes against 216.2 million tonnes in the yearIn August its output dropped by 10.3%.

yielding subsidiaries, South Eastern Coalfields Ltd. (SECL) and Mahanadi Coalfields Ltd. (MCL), ended the period with a lower production compared with the year

Coal offtake between April and August 2019 dropped by 2.5 million tonnes. In August, four producing subsidiaries lost production, showing negative growth rates

over those clocked a year ago. This was due to various factors.

CIL sources said that law and order problems at some of the subsidiaries and heavy rains in western India had led to this production loss. There were also two mine accidents that led to

in an update that CIL’s August 2019 production and offtake volume decline was the worst in the past three years. It said that the delay in finalisation of subcontracts and mining fatalities at MCL and SECL impacted production. Higher

, too, hit mining. On the offtake front, it said that lower rake availability led to loading of 178 rakes daily in August 2019 against 250 rakes of daily loading in July.

However, the brokerage firm was optimistic that CIL will get over its current productby resolving the issues at hand and register a growth rate of around 4.5%. It felt that achieving the year’s target of 660 million tonnes, requiring a 15% growth rate may be a

behemoth.♦

Canada’s Teranga kicks off production at Burkina Faso gold mineCecilia Jamasmie

Gold (TSE: TGZ) has kicked off production at its Wahgnion gold mine

Faso ahead of schedule, the Canadian miner announced Wednesday.

The mine, which is the company’s second gold operation after Sabodala, in Senegal, began processing ore in August and it is expected to produce between 30,000 and 40,000 ounces for

As a result, Teranga anticipates its 2020 consolidated annual production to increase to between 300,000 and 350,000 ounces.

Page 21

India Ltd. (CIL) ended the first five months of this fiscal with a 2.8% production

ion tonnes in the year-earlier period.

yielding subsidiaries, South Eastern Coalfields Ltd. (SECL) and Mahanadi Coalfields Ltd. (MCL), ended the period with a lower production compared with the year-

Coal offtake between April and August 2019 dropped by 2.5 million tonnes. In August, four producing subsidiaries lost production, showing negative growth rates

CIL sources said that law and order problems at some of the subsidiaries and heavy rains in western India had led to this production loss. There were also two mine accidents that led to

in an update that CIL’s August 2019 production and offtake volume decline was the worst in the past three years. It said that the delay in finalisation of subcontracts and mining fatalities at MCL and SECL impacted production. Higher-than

, too, hit mining. On the offtake front, it said that lower rake availability led to loading of 178 rakes daily in August 2019 against 250 rakes of daily loading in July.

However, the brokerage firm was optimistic that CIL will get over its current production woes by resolving the issues at hand and register a growth rate of around 4.5%. It felt that achieving the year’s target of 660 million tonnes, requiring a 15% growth rate may be a

production at Burkina Faso gold mine

off production at its Wahgnion gold mine in Burkina

The mine, which is the company’s second gold operation after Sabodala, in Senegal, began uce between 30,000 and 40,000 ounces for

As a result, Teranga anticipates its 2020 consolidated annual production to increase to

IMA-Daily Update

The news comes as gold prices are at the highest levelsWahgnion is expected to help Teranga achieve its growth target of becoming a multijurisdictional, mid-tier gold prod

The Toronto-based miner said that, starting next year, it would embark on a multiexploration and drilling program to further optimize the mine plan and extend the new operation’s life.

The current reserve estimate and mine plan include only thlicence.

The focus would be on prospective exploration targets within trucking distance of the plant.

A decade ago, Burkina Faso was better known for the cotton it grows than the gold it mines, but since then a gold rush has transformed it into one of Africa’s hottest destinations for frontier mining.

The country currently is Africa’s fifth gold producer after South Africa, Tanzania, Ghana, and Mali. According to official figures, it produced 52.66 tonnes of gold last yeamore than 15% when compared to the 45.8 tonnes it generated in 2017.

Canada has the largest number of foreign gold companies operating in Burkinaincluding IAMGOLD, SEMAFO and Endeavour Mining.

The nation’s thriving gold mining sectviolence and sporadic outbreaks of inter

On January 11, the parliament voted to extend a state of emergency in several northern provinces, which has been in place since December 31, terrorist incidents in several northern provinces.

A few days later, Canadian geologist Kirk Woodman, who was working for VancouverProgress Minerals Inc., was found dead

Montreal-based SEMAFO, which has mines in the region, reported several attacks on roads

near its operations last year.♦

Coal India signs MoUs with Russia for coking coalFor the last several months Coal India is also looking at acquiring coking coal assets in

COAL India signed MOUs with two Russian entities in the are

Russian Far East and the Arctic Region.

Coal India signed the first MoU with Far Eastern Agency for Attracting Investments and Supporting Exports (FEAAISE), an autonomous noncooperating in their activities for mining coking coal in the Russian Far East and Arctic Region.

gold prices are at the highest levels in five years. With a 13Wahgnion is expected to help Teranga achieve its growth target of becoming a multi

tier gold producer.

based miner said that, starting next year, it would embark on a multiexploration and drilling program to further optimize the mine plan and extend the new

The current reserve estimate and mine plan include only the four initial deposits on the mine


A decade ago, Burkina Faso was better known for the cotton it grows than the gold it mines, has transformed it into one of Africa’s hottest destinations for

is Africa’s fifth gold producer after South Africa, Tanzania, Ghana, and Mali. According to official figures, it produced 52.66 tonnes of gold last yeamore than 15% when compared to the 45.8 tonnes it generated in 2017.

Canada has the largest number of foreign gold companies operating in Burkinaincluding IAMGOLD, SEMAFO and Endeavour Mining.

The nation’s thriving gold mining sector has been recently rattled by a fresh wave of Islamist violence and sporadic outbreaks of inter-ethnic conflict.

On January 11, the parliament voted to extend a state of emergency in several northern provinces, which has been in place since December 31, by six months – terrorist incidents in several northern provinces.

A few days later, Canadian geologist Kirk Woodman, who was working for Vancouverwas found dead after being abducted by unknown gunmen.

based SEMAFO, which has mines in the region, reported several attacks on roads

India signs MoUs with Russia for coking coalFor the last several months Coal India is also looking at acquiring coking coal assets in

Russia, Canada and Australia. By Debjoy Sengupta, ET Bureau

India signed MOUs with two Russian entities in the areas of coking coal mining in the

Russian Far East and the Arctic Region.

Coal India signed the first MoU with Far Eastern Agency for Attracting Investments and Supporting Exports (FEAAISE), an autonomous non-profit organization in Russia, for

n their activities for mining coking coal in the Russian Far East and Arctic

Page 22

in five years. With a 13-year mine life, Wahgnion is expected to help Teranga achieve its growth target of becoming a multi-

based miner said that, starting next year, it would embark on a multi-year exploration and drilling program to further optimize the mine plan and extend the new

e four initial deposits on the mine


A decade ago, Burkina Faso was better known for the cotton it grows than the gold it mines, has transformed it into one of Africa’s hottest destinations for

is Africa’s fifth gold producer after South Africa, Tanzania, Ghana, and Mali. According to official figures, it produced 52.66 tonnes of gold last year, an increase of

Canada has the largest number of foreign gold companies operating in Burkina Faso,

or has been recently rattled by a fresh wave of Islamist

On January 11, the parliament voted to extend a state of emergency in several northern following a string of

A few days later, Canadian geologist Kirk Woodman, who was working for Vancouver-based after being abducted by unknown gunmen.

based SEMAFO, which has mines in the region, reported several attacks on roads

India signs MoUs with Russia for coking coal For the last several months Coal India is also looking at acquiring coking coal assets in

as of coking coal mining in the

Coal India signed the first MoU with Far Eastern Agency for Attracting Investments and profit organization in Russia, for

n their activities for mining coking coal in the Russian Far East and Arctic

IMA-Daily Update

The second MoU was signed between Coal India and Eastern Mining Company (FEMC) of Russian Federation for exploring, identifying, sourcing, negotiating and consummating mutually beneficial investment opportunities in the mining sector in the Russian Far East.

The MoUs were signed by Coal India chairman, A K Jha and Leonid Gennadievich Petukhov, director general of FEAAISE and a senior executive at FEMC.

For the last several months Coal India is also looking at acquiring coking coal assets in Russia, Canada and Australia. In fact, it has recently, identified four potential coking and semicoal assets, two each in Australia and Canada, for due diligence. It may acquirin each of these assets to start with, which may be gradually increased, based on its experience.

The assets identified in Australia are working mines where Coal India is looking at acquiring stakes while the assets identified in Canada aare complete, land acquired and environmental clearances received.

The final decision on the quantum of stake in each of these projects would be based on duediligence reports. At present, it is in the processmerchant bankers for undertaking dueThey will render financial due diligence and transaction advisory services for framing assetspecific investment proposal.

Coal India believes it may not be possible to bridge the entire demand gap of coking coal and high-grade low ash thermal coal, primarily because of limited availability of technocommercially recoverable coking coal reserves and near absence of highthermal coal reserves in the country. This has necessitated overseas acquisitions.

The plan is to set up coking coal and highview to acquire coal resources, produce coal and import it either bythrough acquisition of equity participation in working mines on production sharing participation interest basis.

In the past, Coal India had acquired an exploratory block in Mozambique during August 2009. Following preliminary rounds

quality reserves and was subsequently forced to give it away.

The second MoU was signed between Coal India and Eastern Mining Company (FEMC) of Russian Federation for exploring, identifying, sourcing, negotiating and consummating

tually beneficial investment opportunities in the mining sector in the Russian Far East.

The MoUs were signed by Coal India chairman, A K Jha and Leonid Gennadievich Petukhov, director general of FEAAISE and a senior executive at FEMC.

al months Coal India is also looking at acquiring coking coal assets in Russia, Canada and Australia. In fact, it has recently, identified four potential coking and semicoal assets, two each in Australia and Canada, for due diligence. It may acquirin each of these assets to start with, which may be gradually increased, based on its

The assets identified in Australia are working mines where Coal India is looking at acquiring stakes while the assets identified in Canada are ready to produce blocks where explorations are complete, land acquired and environmental clearances received.

The final decision on the quantum of stake in each of these projects would be based on duediligence reports. At present, it is in the process of inviting global tenders for appointing merchant bankers for undertaking due-diligence for the two identified assets in Australia. They will render financial due diligence and transaction advisory services for framing asset

Coal India believes it may not be possible to bridge the entire demand gap of coking coal and grade low ash thermal coal, primarily because of limited availability of techno

commercially recoverable coking coal reserves and near absence of highthermal coal reserves in the country. This has necessitated overseas acquisitions.

The plan is to set up coking coal and high-grade thermal coal mining business overseas with a view to acquire coal resources, produce coal and import it either by opening new mines or through acquisition of equity participation in working mines on production sharing

In the past, Coal India had acquired an exploratory block in Mozambique during August 2009. Following preliminary rounds of exploration, it discovered the block did not have good

quality reserves and was subsequently forced to give it away.♦

Page 23

The second MoU was signed between Coal India and Eastern Mining Company (FEMC) of Russian Federation for exploring, identifying, sourcing, negotiating and consummating

tually beneficial investment opportunities in the mining sector in the Russian Far East.

The MoUs were signed by Coal India chairman, A K Jha and Leonid Gennadievich Petukhov,

al months Coal India is also looking at acquiring coking coal assets in Russia, Canada and Australia. In fact, it has recently, identified four potential coking and semi-coking coal assets, two each in Australia and Canada, for due diligence. It may acquire minority stake in each of these assets to start with, which may be gradually increased, based on its

The assets identified in Australia are working mines where Coal India is looking at acquiring re ready to produce blocks where explorations

The final decision on the quantum of stake in each of these projects would be based on due-of inviting global tenders for appointing

diligence for the two identified assets in Australia. They will render financial due diligence and transaction advisory services for framing asset-

Coal India believes it may not be possible to bridge the entire demand gap of coking coal and grade low ash thermal coal, primarily because of limited availability of techno-

commercially recoverable coking coal reserves and near absence of high-grade low ash thermal coal reserves in the country. This has necessitated overseas acquisitions.

grade thermal coal mining business overseas with a opening new mines or

through acquisition of equity participation in working mines on production sharing

In the past, Coal India had acquired an exploratory block in Mozambique during August 2009. of exploration, it discovered the block did not have good

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