The Indonesian Coal Mining Association and China National Coal Association have signed a memorandum of understanding in Jakarta to strengthen cooperation in the coal mining sector.
In an effort to secure access for coal exports to China amid a potential slump in domestic production, the Indonesian Coal Mining Association (APBI) signed on Friday a memorandum of agreement (MoU) with the China National Coal Association (CNCA) to support further trade and investment flow between the two countries.
Fitch Solutions maintains its forecast for an average coking coal price of $195/t for this year, stating that prices will remain elevated, with strong demand from China’s steelsector, as US–China relations continue to deteriorate and the probability rises of further economic support from the Chinese government towards domestic industries.
Freeport Indonesia, the country's largest gold and copper mining company, will start discussions after Idul Fitri with 15 local and foreign banks interested in financing its $2.8 billion unprofitable smelter project, senior executives said.
Seaborne thermal coal imports by China and India hit multi-year highs in May, shipping data showed on Friday, contrasting with trends in other regions where there is a shift towards cleaner electricity sources like natural gas and renewables.
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million tons, or 47 percent of its full-year target of 88-90 million tons.
The US says it has seized a North Korean cargo ship, accusing it of violating international sanctions.
A tech innovation centre, Gear Innovation Network (GIN), was launched by Golden Energy and Resources (Gear), a mining company linked to Indonesia's Sinar Mas Group with an initial investment of US$2 million (S$2.7 million) but, according to a GIN spokesman, once the right opportunities and partners are found, Gear will be committed to scale up the investment.
Coal exporters suffered a poor April with seaborne volumes dropping from the previous month amid slack demand, but the overall picture for the industry so far this year isn’t quite as gloomy as it may appear.