Sumatra Copper & Gold plc (“the Company”) is pleased to announce another monthly production record at its Tembang gold-silver operation located in southern Sumatra, Indonesia.
PT Freeport Indonesia’s contract at Grasberg Mine, Papua, will end in 2021. The government promises to extend the operation permit up to 2031 and can be extended until 2041 if Freeport Indonesia meets the requirements of the government.
Indonesian thermal coal suppliers are struggling with long vessel queues at South Kalimantan due to delays in loading amid bad weather -- disrupting the supply flow, sources said.
The government previously calculated the remaining 41.64 percent of shares to be taken over from PTFI to be worth US$2.46 billion. Meanwhile, FCX’s estimation is $6.6 billion because it takes into account the reserves and operation of Grasberg mine in Papua, which is being operated by PTFI until 2041.
The Asia-Pacific coal market has a new hedging tool, which was used on the first day it was available. A contract based on the ICI 4TM index, a key regional benchmark, was listed by CME Group’s NYMEX exchange on 5 February, giving coal producers and buyers in the region the opportunity to manage their risk more effectively.
Due to the more complicated divestment process, according to Kurtubi, the government should restore the issue according to the Contract of Work with Freeport which will be completed in 2021, without having to spend a dime to buying shares.
Two key Southeast Asian nickel ore producers that shaped the market in recent years -- the Philippines and Indonesia -- are poorly placed to take advantage of a boom in battery demand from the growing electric vehicles market.
Indonesia's Ministry of Energy and Mineral Resources set its February thermal coal reference price, also known as Harga Batubara Acuan or HBA, at 100.69/mt, up 20.8% year on year and 5.4% from January.