Coal / Sakari: Indonesia may ask foreign investors that are majority owners of mining cos to sell shares to the govt to comply with a law that lowers their ownership, according to an energy and mineral resources ministry official. If the govt declines, the stake can be offered to state-owned or private co’s, according to the head of the legal division at the directorate general of minerals and coal. Thai's PTT owns a 45.3% stake in SAR, below the proposed 49% ownership limit.
Separately, Credit Suisse revise TP for Sakari and lowers it to $2.10 vs $2.50, maintains 'Neutral'. Firm notes that co continues to experience difficult operating environment at Jembayan mine which has led to a change in mine planning that may hurt its 1Q12 earnings. Add that mkt for sub-bituminous grade coal (JBY quality) continues to experience oversupply situation and house have heard of buyers asking for delay in delivery of high-priced contracts volu, substituting it with cheaper spot vol. Jembayan accounts for 77% of SAR’s vol.
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