Indonesian Coal Index's trial scheduled for next month
Wednesday, April 19 2006 - 04:09 AM WIB
Indonesian Coal Mining Association (ICMA) chairman Jeffrey Muljono said PT Coalindo Energy, a new company under foreign investment scheme that will manage the index, is currently finalizing some administrative aspects related to its establishment.
Coalindo will be supported by a London-based international publisher, Jeffrey said.
Jeffrey also said about 37.64 percent shares in Coalindo had been sold to coal producers, coal buyers and other related supporting companies such as mining contractor, heavy equipment supplier and coal shipper.
Among companies that have bought shares in Coalindo are Kalimantan based coal producers PT Berau Coal, PT Kaltim Prima Coal, PT Arutmin Indonesia, PT Interex Sacra, mining contractors PT Pamapersada Nusantara, PT Bukit Makmur Mandiri Utama, PT Bumi Resources, PT United Tractors, Oentoro Surya (founder and chairman of PT Arpeni Ocean Line) and Contium Engineers Far East of Singapore.
Jeffrey said each company or individual is only allowed to buy a maximum of 300,000 shares at a price of Rp 1,000 per share, which represent about 3 percent shares in Coalindo.
Jeffrey added the sale of shares in Coalindo is expected to be completed by December 2007.
Meanwhile, Coalindo managing director Maydin Sipayung said ICI will offer three indices, that is ICI-1, ICI-2, ICI-3, which represent the coal product quality of 6,500 kcal/kg, 5,800 kcal/kg, 5,000 kcal/kg, respectively.
He added that ICI is proposing subscription fee of US$2,000 per year for each participant who will also receive a weekly report.
Separately, deputy director of investment at the directorate general of geothermal energy and coal deposits, MS Marpaung, told Petromindo.Com on Wednesday that ICI could help companies in proposing its annual work program and budget plans. (robert/godang)