The spot price soared by 18.6% or $US9.99 to $63.74 per tonne, its highest level since June last year. Futures yesterday pointed to a big jump, but few would have expected such a rise, with volumes up as well. Reports attributed the rise in demand to increased purchasing ahead of curtailments in steel production due to a horticultural show in China’s Hebei province. “So the iron ore price is ramping up on the back of a planned flower show? The mind boggles,” Investec said.
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The Energy and Mineral Resources Ministry said it is willing to extend a permit for US gold and copper miner Newmont Nusa Tenggara, or NNT, to continue to export gold concentrate if the company files such a request. NNT is currently operating on a six-month gold concentrate export permit, which expires in March.
Coal miner PT Berau Coal Energy Tbk, a unit of Asia Resources Minerals Plc, aims to boost coal output by 10 percent to 26.62 million tonnes this year, up 10 percent from last year, reported Bisnis Indonesia, quoting CEO Amir Sambodo. Capital expenditure this year is expected to remain steady at $30 million.
PT BUN has been appointed Indonesian dealer for Indeco SpA, an Italian manufacturer of hydraulic breakers and attachments used in the construction, demolition and aggregate industries since 1976.
With a product line including rock breakers, pulverizers, compactors, shears, grabs and boom systems, Indeco has become a leading brand in the global demolition industry.
The Indonesian government is targeting an ecommerce transaction volume of US$130 billion by 2020 US$. In 2014, that figure was at US$12 billion. It’s not that Indonesian purchasing power is going through the roof – although granted, the general affluence of the population as measured by GDP per capita is on the rise. A surge in the ecommerce industry is more or less inevitable as consumers shift away from offline to digital shopping habits.
State-controlled mining company PT Bukit Asam has reported increased profits despite a year of falling coal prices. The publicly listed miner announced that the company’s net profits had increased by 9 percent to Rp 2.04 trillion (US$153.9 million) during the January-December period in 2015, from Rp 1.86 trillion in the previous year.
Fortescue Metals’ chairman Andrew Forrest has once again called for a probe into the increasing levels of iron ore oversupply. He launched the call yesterday at the Global Iron Ore & Steel Forecast Conference, demanding an investigation into the major miners ‘supply side strategy’, stating their actions have ‘crushed’ Australia’s economy.
Indonesia could exhaust its economically retrievable coal reserves by 2033, a study by PriceWaterhouseCoopers released on Monday showed. Indonesia is among the world's top exporters of thermal coal, but its output has slipped in recent years as plummeting prices of the power station fuel have forced miners to cut costs.
The proportion of women in mining, engineering and other technical industries is an important topic across the globe. Slow but steady progress is being made to address the gender imbalance with companies like Royal HaskoningDHV, an international engineering and project management consultancy, playing an important part in creating a more balanced workforce. This is evidenced by the company’s South East Asian operations headed up by Berte Simons.
New player in coal business PT Renuka Coalindo Tbk (SQMI) plans to increase its coal production to 5 million metric tons in 2016.
Shantanu Lath, SQMIís finance director, said in a filing to stock exchange today that the company has now expanded its logistic for supporting the plan of boosting coal production.