* The newly appointed Minister of Energy & Mineral Resources Mr Darwin Saleh has a top priority, which is to pass the implementing regulations of mining law No.4/2009.
* To further address the new law regarding mining contracting bizz, the previous minister has issued a ministerial decree No.28/2009. The decree is effective on 30 Sept with 3yrs grace period for implementation. Some of the key points are:
1) Mining owners must use local contractors, which is defined as 100% local ownership,
2) Mining owners cannot use affiliate/subsidiary mining contracting (defined as no direct ownership by the mine owner),
3) Mining contractors must use local products and local contractors,
4) Mining contractor's role are restricted to stripping (digging, overburden removal, and transport), so mine owners must do their own mining and refining.
* Daisy feels the impact is muted for UNTR, ADRO, and BUMI. Point #1 will eliminated foreign competition in near term, but in the long run we foresee mergers/buyouts by foreign contractors such as Thiess and Leighton. Point #2 may not apply to ADRO as parent Adaro Energy owned both mining contracting SIS and the coal mine Adaro Indonesia, but technically the mine does not own the contractor SIS. The same goes for BUMI as there is no direct ownership between the mines KPC & Arutmin and the mining contractor DEWA. As for UNTR's heavy equipment bizz, point #3 is still vague as UT's product are primarily from Japan, and the decree does not clarify if the products are not available domestically. I am more concerned on point #4 for UNTR, as it will reduce revenue from extracting coal (~20% of UT's revenue). The splitting of stripping and mining seems inefficient, and is currently being questioned/discussed by industry participants.
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