Australia will cut 14% imigrant workers

Australia will cut 18.500 immigrant worker (14% of 133.500 immigrant worker)in 2009 to secure local worker since global economic crisis has increase unemployment in this country. Australian immigration minister, Chris Evans said this first reduction in 10 years of expertise worker visa amount was decided after Australian government warn unemployment number increase to 7%. As plan before, Australia will take 133.500 expertise worker in 2009.

Australia has many mineral resources and it is overseas first intention of Indonesian mining workers to be worked.

BUMI will take over Tata Power's share on KPC and Arutmin

Rumor has Tata Power will sells his 30% share on Kaltim Prima Coal and Arutmin Indonesia due to financial difficulties in paying debt. On March 2007 this India Company has bought 30% share of KPC and Arutmin for 1.2 Billion US Dollar. For this, Tata got loans 850 Million from Barclays Capital, Bank of India, ICICI Bank State Bank of India, and Sumitomo Mitsui Banking Corporation.

Analysts say Tata Power will face difficulties in paying debts with coal price below US$ 70. Sliding of Thermal coal price to $65 a metric ton within eight months will cut Tata devidents from Bumi Resources and affecting Tata pay debt. In 2008, Tata get $220 Million of devidents and predicted to fall to $170 million in 2009. Autralia Newcastle's coal price (Asia reference) has been slump 14% or the lowest since June 2008.

As deal, Tata should give first offer of his shares to BUMI when selling KPC and Arutmin. His offer will be 50% lower than buying price. For this offer, BUMI will cancel acquisition of Dharma Henwa (DEWA), Fajar Bumi Sakti and Pendopo Energi Batubara. Although, it sounds Bapepam-LK will cancel this acquisition due to material transaction since the acquisition was held without stake holder agreement.

First plating at Wetar Copper Project, Indonesia

The first copper plating cathode has been produced at Finder Resources Wetar Copper Project. Copper plating began on early February by electrowinning circuit at Wetar Copper demonstration plant.

Minor electrical failure in electrowinning circuit has been remedied and the plant resumed plating production a week later. The plating was expected produce 5 tonnes per day of copper cathode by the end February. All other operations including mine, crushing, stacking, irrigation and solvent extraction are operating in line with design specification.

Wetar Copper Project was acquired by Finder Resourcec (85% shares) in corporation with PT.Batutua Kharisma Permai (BKP). The Wetar deposit was discovered by CSR Ltd and then sold to Billiton Indonesia (BMI) in 1988, then BMI carried out extensive drilling to define two gold-silver mineralization in two deposit, Kali Kuning and Lerokis. BMI also discovered copper mineralization underlying in both deposit and smaller satellite deposit at Meron, 2km from Kali Kuning.

Based on previous drilling data, Kali Kuning and Lerokis have independently estimated Measured, Indicated and Inferred Mineral Resources of 9.8 million tonnes, grading 2.5% Cu and 0.7 g/t Au, using a 0.5% Cu cut-off grade. Gold-silver-barite ores were mined by BMI from shallow open pits at Lerokis and Kali Kuning over the period 1990-1997.

Oil Price Increase 9%

Oil price increase 9% after global stock market rally in last few days and US crude oil level report showed unexpected shortening. Light sweet oil in New York Mercantile Exchange (NYME) closed increase 3.73 dollar at 45,38 US$ per barrel which was the highest level in last 6 weeks. Meanwhile, Brent oil in ICE Future Exchange in London closed 46,12 dollar or 5.54% increase.

US Depatment of Energy (DOE) said crude oil reserve decrease 700.000 barrel or 0.2 percent became 350.6 million barrel last week. Beside, analyzers predicted oil reserve would be increase 2.2 million barrel. Oil price would not increase without revival signal of global economic. Oil price increasing was also affected by China's bail out plan in their economic. This plan look alike a booster for global stock market.

Jakarta composite index (JCI) was closed decrease 1.306 point to 1288.074 today after increasing in 1.9% on monday closing. The incresing previous day was caused by decreasing BI rate to 7.75% and bounced finance sector.

Indika Energy take over 81,95% Petrosea share for 83,8 million USD

Indonesia Stock Exchange (IDX) confirms there was third party divulged acquisition of Petrosea. Although it would be hard to prove which one was doing it because both investors and transaction actors had they own interest. This rumor gives 130% of Petrosea share in market from Rp.4275 become Rp.9850 on closing this afternoon.

Previously on February 17, IDX suspended Indika Energy and Petrosea transaction on stock market because of the acquisition rumor and revoke this action on next day after Indika management had gave explanation about the rumor to IDX. They said Indika and Clough International Singapore are still on negotiation about acquisition matter. At last January 2009, Clough own 80,38% of Petrosea share.

Indika Energy.tbk which was established in 2000 has energy core bussiness in coal mining (Kideco), engineering, procurement, construction (Tripatra), and power plant (Cirebon Electric Power). Kideco has coal contract of work (CCOW) in Pasir area, East Kalimantan with 18.9 Mt coal production in 2006.