An Indonesian government task force has ordered dozens of companies in mining and palm oil cultivation to pay fines totalling 38.62 trillion rupiah (US$2.31 billion) for operating illegally in forest areas, reported Reuters. President Prabowo Subianto’s forestry task force has seized 3.7 million hectares of plantations and more than 5,300 hectares of mining operations, with a target to reach 4…
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Indonesia’s mining ministry said it is considering raising royalties paid by mining companies, reported Reuters. The country is the world’s biggest exporter of thermal coal and nickel products, as well as a major source of copper. Officials propose raising royalty rates paid by miners and producers of metal products based on price levels, including introducing progressive rates for metals like…
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PT Adaro Energy Indonesia, which is one of Indonesia’s biggest coal miners, has released plans to spin off a coal mining unit valued at US$2.45 billion as part of a green shift, reported Bloomberg. The miner aims to offload its 99.9% stake in Adaro Andalan Indonesia and will seek shareholder approval for the plan on 18 October, according to a…
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According to data from ship-tracking firm Kpler, the United States exported more than 32.5 million metric tons of thermal coal in 2023, reported Reuters. The total volumes were the highest since 2018, and were worth more than $5 billion. Full story.
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Canadian miner Teck Resources has rejected an unsolicited $22.5 billion offer from Glencore, citing reluctance to expose its shareholders a large thermal coal business, an unwanted oil trading business and significant jurisdictional risk, reported Reuters. Glencore’s proposal was to merge with Teck and to simultaneously demerge their combined metals and coal businesses to create MetalsCo and CoalCo. The remaining company…
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