Serabdi Sakti

Jakarta, August 2016

Sando Sasako

Coal Mining Business

in Indonesia

Serabdi Sakti

Jakarta, August 2016

Sando Sasako

Coal Mining Business

in Indonesia

ii – Coal Mining Business in Indonesia

Perpustakaan Nasional RI: Data Katalog dalam Terbitan (KDT)

Sando Sasako.

Coal Mining Business in Indonesia / by Sando Sasako. Jakarta :

CV Serabdi Sakti, 2016.

xi + 143 pp. ; 21 cm

ISBN 978-602-73508-7-8

1. Mine and coal mine. I. Title.

622.334

Published by CV Serabdi Sakti

Graha Anggrek

Jl. Anggrek Rosliana VII No.63

Jakarta Barat 11480, Indonesia

Tel. +62 21 4027 8375 (Fren)

+62 851 0518 7118

Copyright © Sando Sasako

All rights reserved.

You may not reproduce the content of this book, in part

or in whole in any form with or without the written

permission of the copyright owner and publisher, as long

as you cite this reference as your ultimate one.

Keywords:

Coal Mining Business in Indonesia – iii

Foreword

Coal deposits all around the world may have been declining. It’s on the surface, but not in deep

underground. Extracting coal physically beneath the earth, majorly under the deep seabed, is not an

easy task to fulfill and complete. Some advantages may have come for digging coal out of the

underwater. Coal washing doesnot need special water resources and treatment, but from the sea or

ocean. Every thing must have a plus and a minus. It depends on what perspectives you’ve taken all

along.

The choice then lend it to the tasks of extracting the coal ores, that is the molecular carbons in gas,

namely CO, CH4, and H2. Syngas, they used to call it as the term. But not the CO2. CO2 is mostly

considered as the public enemy number one to be captured and imprisoned in a dungeon, deep

underground, for good. Various CO2 absorbents have been sought and developed, along with the

technologies to filter out the impurities embedded with coal, namely SOx and NOx.

Many have mixed up inappropriately the understandingness between coal gasification and coal

combustion. Even FoE. Those two coal treatments are different things. The first is heating the coal,

while the second is burning the coal. Both process involves massive thermal chain reactions. The

problems with UCG is that how can you guarantee that it is the coal seam and the intended ones that

has been gasified.

How about the walls, the roofs, the floors, and the layers buffering the coal seams? How about if the

words of collapse and/or cracks applied to those layers? Won’t they initiate a flow of the

unexpected such as a mud flow for example as in Porong, Sidoarjo, East Java, Indonesia, that hasn’t

stopped since it began to erupt on 29 May 2006.

Even worse is how the earth is burning the coal seams underground. Burning Mountain of Mount

Wingen in New South Wales has been burning for 6000 years, Brennender Berg in German since

1688, Smoking Hill in NW Canada since its discovery in 1826, Emalahleni in South Africa since

1953, and Centralia in Pennsylvania since 27 May 1962.

The list doesnot include the burning of methane in Derweze, Turkmenistan since 1971, known as

door to hell; Baba Gurgur oilfield nearby Kirkuk, Irak for 2500 years, known as eternal fire; Yanar

Dag near Baku, Azerbaijan since 1950s, known as land of fire.

The unanswered questions to protect the environment underground and the surrounding area has left

many UCG projects to be terminated, cancelled, withdrawn, neglected, abandoned, forbidden. They

are all due to lack of environmental protection technologies, and most of all understandingness how

to deal and cope it before hand.

Therefore, UCG is not an option to exploit coal deposits underground. At least for now, and some

decades to come.

Jakarta, 31 August 2016

Sando Sasako

Email: sandosako @ yahoo.com

Mobile: +62 812 8056 516

Coal Mining Business in Indonesia – v

Contents

Foreword ....................................................................................................................................... iii

Contents .......................................................................................................................................... v

List of Tables .................................................................................................................................ix List of Figures ................................................................................................................................. x

Global Trends in Energy Industry .................................................................................................... 1 The Saudi Factor.......................................................................................................................... 1

The Revolutionary US Shale ........................................................................................................ 3 Primary Energy Consumption in the World ................................................................................. 5

Global Coal Trends.......................................................................................................................... 8

Coal Price Dynamics in the World ............................................................................................... 9 Fracking Coalmines ................................................................................................................... 11

Coal Gasification ....................................................................................................................... 12 Underground Coal Gasification .............................................................................................. 15

Kincardine UCG, Scotland, UK ............................................................................................. 16 Raven and Hat Creek Coalfield, BC, Canada ......................................................................... 19

Global Warming or Global Heating ........................................................................................... 21

Greenhouse Gas ..................................................................................................................... 23 CO2 as One of GHGs ............................................................................................................ 25

Oxygen Carriers ..................................................................................................................... 26 CO2 Recovery ....................................................................................................................... 28

Underwater Coalmines .............................................................................................................. 29

Hashima Coal Mine, Japan..................................................................................................... 30 Okinoyama Coal Mine, Japan ................................................................................................ 31

Beizao Coal Mine, China ....................................................................................................... 31 Bomlo Coal Mine, Norway .................................................................................................... 33

Cape Breton Coal Mines, Nova Scotia, Canada ...................................................................... 35 Solway Coal Mines, Cumbria, UK ......................................................................................... 39

North Sea Coal Mines, NE England ....................................................................................... 40 Forth Coal Mines, Scotland, UK ............................................................................................ 41

The End of Deep Coal Mines in the UK ................................................................................. 42

Energy Business in Indonesia in a brief ......................................................................................... 45

Coal-Bed Methane ..................................................................................................................... 47 The Milestone of CBM Commercialisation ............................................................................ 49

CBM Asia @ Kutai West PSC ............................................................................................... 50 Dart Energy & IGas ............................................................................................................... 52

Dart Energy & NuEnergy....................................................................................................... 53

Coal ........................................................................................................................................... 61 History of Coal Business in Indonesia .................................................................................... 66

Regulatory Frameworks ......................................................................................................... 69 The Dutch Colonialism ...................................................................................................... 69

The Mining Law of 1967 ................................................................................................... 69 The Production Sharing Contract in Coal Mining of 1975 .................................................. 71

vi – Coal Mining Business in Indonesia

The Coal Contract of Work of 1981 ................................................................................... 71

Forced Localisation ............................................................................................................ 72

Issues on Enviromental and Decentralisation ......................................................................... 74 Ministerial Regulations (Permen ESDM) ........................................................................... 75

Ministerial Decrees (Kepmen ESDM) ................................................................................ 77

Clean and Clear: The Causes .................................................................................................. 80 The Non-CNC Status ......................................................................................................... 82

Unclear DMO System ........................................................................................................ 85 Forestry Land Use Permit................................................................................................... 89

Korsup Minerba ................................................................................................................. 90

CCoW Companies: The First Generations .............................................................................. 93 BHP Kendilo Coal Indonesia ............................................................................................. 98

BHP Businesses in Indonesia ........................................................................................... 100 Rio Tinto.......................................................................................................................... 100

Tata Power ....................................................................................................................... 101 Arutmin Indonesia ........................................................................................................... 103

Kaltim Prima Coal ........................................................................................................... 103 Bumi Resources ............................................................................................................... 105

The IndoCoal Deals...................................................................................................... 105 Asmin Koalindo Tuhup .................................................................................................... 107

Allied Indo Coal............................................................................................................... 108

References ................................................................................................................................... 111

Directory of Coal Mining Companies in Indonesia ...................................................................... 115 Abadi Batubara Cemerlang .................................................................................................. 115

Abadi Coal Cemerlang ......................................................................................................... 115 Aceh Resources and Mineral ................................................................................................ 115

Aceh Resources and Mineral Core ....................................................................................... 115 Adaro Indonesia ................................................................................................................... 115

Adimas Baturaja Cemerlang ................................................................................................ 115 Allied Indo Coal , PT ........................................................................................................... 116

Andhika Mutiara Etam ......................................................................................................... 116 Andhika Mutiara Lestari ...................................................................................................... 116

Andhika Mutiara Sejahtera ................................................................................................... 116 Antang Gunung Meratus ...................................................................................................... 116

Anugerah Jatimulia .............................................................................................................. 117 Anugerah Jatimulya ............................................................................................................. 117

Arutmin Indonesia ............................................................................................................... 117 Asmin Bara Bronang............................................................................................................ 117

Asmin Bara Jaan .................................................................................................................. 117 Asmin Koalindo Tuhup ........................................................................................................ 117

Astaka Dodol ....................................................................................................................... 118 Bahari Cakrawala Sebuku .................................................................................................... 118

Bangun Banua Persada Kalimantan ...................................................................................... 118 Bara Mutiara Prima .............................................................................................................. 118

Bara Pramulya Abadi ........................................................................................................... 119 Bara Sentosa Lestari ............................................................................................................ 119

Bara Utama Unggul ............................................................................................................. 119

Coal Mining Business in Indonesia – vii

Baradinamika Mudasukses ................................................................................................... 119

Baramarta, PD ..................................................................................................................... 119 Baramarta ............................................................................................................................ 119

Baramulti Sukses Sarana ...................................................................................................... 120 Baramulti Suksessartana ...................................................................................................... 120

Baramutiara Prima ............................................................................................................... 120 Barasentosa Lestari .............................................................................................................. 120

Batu Alam Selaras ............................................................................................................... 120 Batubara Duaribu Abadi, PT ................................................................................................ 120

Batubara Selaras Sapta, PT .................................................................................................. 120 Baturona Adimulya .............................................................................................................. 121

Benakat Energi .................................................................................................................... 121 Benakat Energy ................................................................................................................... 121

Bentala Coal Mining ............................................................................................................ 121 Berau Coal ........................................................................................................................... 121

Bharinto Ekatama ................................................................................................................ 121 Bima Duta Batubara Sakti .................................................................................................... 122

Borneo Bhaktibara Utama .................................................................................................... 122 Borneo Indobara .................................................................................................................. 122

Buana Bara Utama ............................................................................................................... 122 Bukit Baiduri Enterprises ..................................................................................................... 122

Bukit Sunur ......................................................................................................................... 123 Bumi Laksana Perkasa ......................................................................................................... 123

Bumi Panen Sukses .............................................................................................................. 123 Bumi Sukse Mandiri ............................................................................................................ 123

Buntok Perdana Coal Mining ............................................................................................... 123 Calicari ................................................................................................................................ 123

Coal Duaribu Abadi ............................................................................................................. 123 Coal Selaras Sapta ............................................................................................................... 124

Danau Mas Hitam ................................................................................................................ 124 Daya Lapan ......................................................................................................................... 124

Delma Mining Corporation .................................................................................................. 124 Dhamar Tejokencono ........................................................................................................... 124

Dharma Puspita Mining ....................................................................................................... 124 Dutaputra Tanaratama .......................................................................................................... 125

Ekasatya Yanatama .............................................................................................................. 125 Energi Batubara Sumatera .................................................................................................... 125

Energy Batubara Sumatra .................................................................................................... 125 Fajar Bumi Sakti .................................................................................................................. 125

Firman Ketaun Perkasa ........................................................................................................ 125 Galicari ................................................................................................................................ 125

General Sakti Kreasindo ...................................................................................................... 126 Generalindo Prima Coal ....................................................................................................... 126

Gunung Bayan Pratama ....................................................................................................... 126 Gunung Bayan Pratama Coal ............................................................................................... 126

Hulubalang Inti Bumi .......................................................................................................... 126 Indexim Coalindo ................................................................................................................ 126

Indominco Mandiri .............................................................................................................. 127 Insani Bara Perkasa .............................................................................................................. 127

Interex Sacra Raya ............................................................................................................... 127 Intitirta Prima Sakti .............................................................................................................. 127

Intitirta Primasakti ............................................................................................................... 128

viii – Coal Mining Business in Indonesia

Jorong Barutama Greston ..................................................................................................... 128

Juloi Coal............................................................................................................................. 128 Kadya Caraka Mulia ............................................................................................................ 128

Kalimantan Energi Lestari ................................................................................................... 128 Kalteng Coal ........................................................................................................................ 129

Kaltim Prima Coal ............................................................................................................... 129 Kartika Selabumi Mining ..................................................................................................... 129

Karunia Poladaya Bumi ....................................................................................................... 129 Karya Bumi Baratama .......................................................................................................... 129

Kendilo Coal Indonesia ........................................................................................................ 130 BHP Kendilo Coal Indonesia ............................................................................................... 130

Kideco Jaya Agung .............................................................................................................. 130 Kitadin ................................................................................................................................. 130

Kodeco Horna Mandiri ........................................................................................................ 130 Kurnia Sarana Lestari .......................................................................................................... 130

Kutai Kertanegara Prima Coal.............................................................................................. 130 Lahai Coal ........................................................................................................................... 131

Lanna Harita Indonesia ........................................................................................................ 131 Lianganggang Cemerlang .................................................................................................... 131

Mahakam Sumber Jaya ........................................................................................................ 131 Mandiri Intiperkasa .............................................................................................................. 131

Mantimin Coal Mining......................................................................................................... 132 Marunda Graha Mineral ....................................................................................................... 132

Marunda Grahamineral ........................................................................................................ 132 Maruwai Coal ...................................................................................................................... 132

Maruai Coal ......................................................................................................................... 132 Meulaboh Energitama .......................................................................................................... 132

Meullaboho Energitama ....................................................................................................... 133 Mitrajaya Timuragung ......................................................................................................... 133

Multi Harapan Utama .......................................................................................................... 133 Multi Tambangjaya Utama ................................................................................................... 133

Nusa Minera Utama ............................................................................................................. 133 Nusantara Termal Coal (D/A Nusantara Thai Coal) ............................................................. 134

Nusantara Thai Coal ............................................................................................................ 134 Pari Coal .............................................................................................................................. 134

Pendopo Energi Coal ........................................................................................................... 134 Pendopo Energy Batubara .................................................................................................... 134

Perkasa Inakakerta ............................................................................................................... 134 Persada Permata Mulya ........................................................................................................ 135

Persada Permata Mulia......................................................................................................... 135 Pesona Khatulistiwa Nusantara ............................................................................................ 135

Pinang Jaya Sarana Bara ...................................................................................................... 135 Pinangjaya Sarana Bara ....................................................................................................... 135

Ramdany Coal Mining ......................................................................................................... 135 Ratah Coal ........................................................................................................................... 135

Restubara Karya Pratama ..................................................................................................... 136 Riau Bara Harum ................................................................................................................. 136

Salamindo Coalindo ............................................................................................................. 136 Salamindo Pahala................................................................................................................. 136

Santan Coal.......................................................................................................................... 136 Santan Batubara ................................................................................................................... 136

Sarwa Sembada Karya Bumi ................................................................................................ 136

Coal Mining Business in Indonesia – ix

Selatan Selabara ................................................................................................................... 137

Selo Argodedali ................................................................................................................... 137 Selo Argokencono Sakti....................................................................................................... 137

Senamas Energindo Mulya................................................................................................... 137 Senamas Energindo Mulia ................................................................................................... 137

Sinar Benua Prima ............................................................................................................... 138 Sinarindo Barakarya ............................................................................................................ 138

Singlurus Pratama ................................................................................................................ 138 Solok Bara Adipratama ........................................................................................................ 138

Sumber Barito Coal ............................................................................................................. 138 Sumber Kurnia Buana .......................................................................................................... 139

Suprabari Mapanindo Mineral .............................................................................................. 139 Tambang Damai .................................................................................................................. 139

Tanito Harum ...................................................................................................................... 139 Tanjung Alam Jaya .............................................................................................................. 140

Tanjung Alam Raya ............................................................................................................. 140 Taraco Mining ..................................................................................................................... 140

Teguh Persada Coal ............................................................................................................. 140 Teguh Reksa Daya ............................................................................................................... 140

Teguh Sinar Abadi ............................................................................................................... 140 Tempayang Cemerlang ........................................................................................................ 141

Timah Batubara Utama ........................................................................................................ 141 Torah Antareja Mining ........................................................................................................ 141

Trimarta Coal Perkasa.......................................................................................................... 141 Trimata Buana ..................................................................................................................... 141

Trimata Benua ..................................................................................................................... 141 Trimata Coal Perkasa ........................................................................................................... 142

Trubaindo Coal Mining ........................................................................................................ 142 Wadung Mas Tambang Mulia .............................................................................................. 142

Wadungmas Tambang Mulia ............................................................................................... 142 Wahana Baratama Mining .................................................................................................... 142

Whirakaneo Coalindo .......................................................................................................... 142 Whiratama Bina Perkasa ...................................................................................................... 142

Yamabhumi Palaka .............................................................................................................. 143

List of Tables

Table 1 – Primary Energy Consumption in the World by Countries, 2005-2015 (mtoe) ................... 5 Table 2 – Primary Energy: Consumption in the World by Countries and by Fuel Type, 2014

(mtoe) ....................................................................................................................... 6 Table 3 – Primary Energy: Consumption in the World by Countries and by Fuel Type, 2015

(mtoe) ....................................................................................................................... 7 Table 4 – BP coal prices, 1987-2015 ($/tonne)................................................................................. 9

Table 5 – US coal export price, 2010q1-2016q1 ($/short tons) ......................................................... 9 Table 6 – Coal In-Place Resources for Upper Limestone Fm + Limestone Coal Fm,

Kincardine, Nov.2014 ............................................................................................. 17 Table 7 – Coal In-Place Resources for Upper Limestone Fm, Kincardine, Nov.2014 ..................... 17

Table 8 – Coal In-Place Resources for Limestone Coal Fm, Kincardine, Nov.2014 ....................... 17 Table 9 – Coal In-Place Resources, Kincardine, Nov.2014 ............................................................ 18

Table 10 – Estimates of trace chemicals abundance in the global atmosphere, 1980. ...................... 25 Table 11 – Overview of existing chemical-looping combustors ..................................................... 28

x – Coal Mining Business in Indonesia

Table 12 – Some undersea coalmines in Solway Firth, Cumbria, UK ............................................. 39

Table 13 – CBM Resources in Indonesia ....................................................................................... 47 Table 14 – The 20 largest shareholders of Dart Energy Limited, 20100914 .................................... 52

Table 15 – Some subsidiaries of IGas which were held through subsidiaries, 30 June 2015 ........... 53 Table 16 – Coal reserves in Indonesia, 2014 .................................................................................. 62

Table 17 – Coal supply in Indonesia, 2000-2014 ............................................................................ 63 Table 18 – Existing coal terminals in Indonesia ............................................................................. 64

Table 19 – Coal mining companies in Indonesia by permits, March 2015 ...................................... 66 Table 20 – CNC status of IUP by announcements, 20110630-20160104 ........................................ 81

Table 21 – Problems of Non-CNC IUPs by category and regions, 20140203 ................................. 82 Table 22 – Clean and Clear IUPs by province, 2014 – April 2016 .................................................. 84

Table 23 – Coal Domestic Market Obligations in Indonesia, 2010-2015 ........................................ 85 Table 24 – Coal Domestic Market Obligations in Indonesia, by CCoW and KP/IUP

companies, 20100419-20150427 (mt) ..................................................................... 87 Table 25 – Overlay of IUP, COW, and PKP2B with Forest Area Map and IPPKH......................... 89

Table 26 – IUP within conservation forests in 12 provinces, 2014-2015 ........................................ 89 Table 27 – The First Generation CCoW Companies: The dates, area, and resources/reserves ......... 93

Table 28 – The second generation of CCoW Companies: 17 of 19 ................................................. 93 Table 29 – Coal produced from Kalimantan, 1997-2000 (1000 ton) ............................................... 94

Table 30 – The third generation of CCoW Companies: 106 of 114 ................................................ 95 Table 31 – Coal production from CCoW companies, 2005-2012 (1,000 ton) ................................. 97

Table 32 – Financial profile of 3 direct subsidiaries of Tata Power on coal business in

Indonesia, 2015q1 (₹ crore)................................................................................... 101

Table 33 – Subsidiaries of Tata Power related with coal mining business in Indonesia, 2015q1

(₹ crore) ................................................................................................................ 101

Table 34 – Tata Power companies in Indonesia, 2015 .................................................................. 102

List of Figures

Figure 1 – Potential future global oil projects by average breakeven prices ......................................3 Figure 2 – Australian monthly thermal coal price, Jan. 1980 – July 2016 (US$/metric ton) ............ 10

Figure 3 – Monthly coal prices from Australia, Colombia, South Africa, Jan. 1970 – July

2016 ($/mt) ............................................................................................................. 10

Figure 4 – American weekly coal prices, 20080506-20160812 (US$) ............................................ 11 Figure 5 – Various technologies implemented during power generation process ............................ 12

Figure 6 – Some chemical reactions in converting syngas .............................................................. 13 Figure 7 – Some routes of coal to chemicals from methane via syngas ........................................... 13

Figure 8 – Coal cycle and its derived products schematics, from liquid (CTL), to gas (CTG),

and chemicals (CTC) .............................................................................................. 14

Figure 9 – Potential UCG in the UK, 2004 ..................................................................................... 15 Figure 10 – Kincardine UGC project area of interest, 20141105 .................................................... 17

Figure 11 – Kincardine UCG licenses in the Firth of Forth, 20150402. .......................................... 18 Figure 12 – Kincardine area of interest in Midland Valley of Scotland, 20141105 ......................... 19

Figure 13 – Coalmines in British Columbia, Canada ...................................................................... 20 Figure 14 – Selected significant climate anomalies and events, July 2016 ...................................... 21

Figure 15 – Earth's Annual Global Mean Energy Budget, July 1987 – Dec. 1988.......................... 22 Figure 16 – Earth’s Global Energy Budget, March 2000 – March 2004 ......................................... 22

Figure 17 – Monthly mean atmospheric carbon dioxide at Mauna Loa Observatory, Hawaii,

March 1958 – July 2016 (ppm) ............................................................................... 26

Figure 18 – Oxygen transport capability of different MeO/Me systems. ......................................... 27 Figure 19 – The effective aquifuge in Beizao Coalmine ................................................................. 32

Coal Mining Business in Indonesia – xi

Figure 20 – TBU Underwater coal mining in The Baltic Union...................................................... 33

Figure 21 – TBU Coal Island ......................................................................................................... 34 Figure 22 – TBU Sandisle structure ............................................................................................... 34

Figure 23 – Coal mines in Nova Scotia, Canada ............................................................................ 36 Figure 24 – Donkin coal resource block ......................................................................................... 36

Figure 25 – Solway Firth, Irish Sea, UK ........................................................................................ 39 Figure 26 – The map of Tynemouth-Boldon-Sunderland, NE England........................................... 41

Figure 27 – Deep coal mining closures in the UK, 2010-2015........................................................ 43 Figure 28 – Deep coal mining closures in the UK, 1960-1969........................................................ 43

Figure 29 – Onshore coal distribution in the UK by depth, 2014 .................................................... 44 Figure 30 – CBM Basins in Indonesia............................................................................................ 47

Figure 31 – Coal bed methane (CBM) resources in Indonesia, 2010 .............................................. 48 Figure 32 – CBM PSC terms in Indonesia ..................................................................................... 48

Figure 33 – Some CBM PSCs in East Kalimantan ......................................................................... 51 Figure 34 – CBM basin in South Sumatera, Nov. 2011 .................................................................. 54

Figure 35 – Tanjung Enim CBM PSC ............................................................................................ 55 Figure 36 – Muralim CBM PSC .................................................................................................... 56

Figure 37 – Sangatta West CBM PSC ............................................................................................ 58 Figure 38 – The CBM PSCs of NuEnergy in Sumatera .................................................................. 59

Figure 39 – Gasification-based system concepts ............................................................................ 61 Figure 40 – Gasification chemistry ................................................................................................ 61

Figure 41 – Coal distribution in Indonesia by calory class, 2014 .................................................... 62 Figure 42 – Supply and export of Indonesian coal, 1997-2014 ....................................................... 63

Figure 43 – Export share over coal production in top producing countries ..................................... 63 Figure 44 – Coal seaports in Indonesia, 2015 ................................................................................. 65

Figure 45 – UK banks involvement in Indonesian coal companies ................................................. 66 Figure 46 – Mining permits in Indonesia, 20140203 ...................................................................... 67

Figure 47 – Mining problems in Indonesia, 20140203 ................................................................... 80 Figure 48 – JORC's general relationship between exploration results, mineral resources, and

ore reserves ............................................................................................................. 80 Figure 49 – Problems of Non-Clean & Clear Status of IUPs classified and mapped ....................... 83

Figure 50 – Adding value to the coal by implementing clean coal technology ................................ 85 Figure 51 – Coal DMO mechanism in Indonesia ............................................................................ 86

Figure 52 – Monitoring and reporting system on the implementation of coal DMO mechanism

in Indonesia ............................................................................................................ 87

Figure 53 – Clean & Clear Status of IUPs, May 2011 – April 2016................................................ 90 Figure 54 – The mechanics of $600m structure finance (fixed rate note) of IndoCoal in 2005 ...... 106

Figure 55 – The mechanics of unrated $900m structured export notes (FRN) of IndoCoal in

2006 ..................................................................................................................... 106