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Posts Tagged ‘Merrill Lynch’

Position Paper by Coastal Inhabitants of Kulon Progo (Indonesia)

Monday, March 28th, 2011

Received from the PPLP-KP (Coastal Farmers Association of Kulon Progo). This is their release of a position paper in regard to the plan to mine iron from the coastal sands of Kulon Progo, Indonesia.

there is no peace without justice
and there is no justice without conscience

PPLP KP

“Since 2006, we, the coastal inhabitants of Kulon Progo Regency, have struggled to defend our Human Rights (as guaranteed by UU [Undang-Undang = regulation] No 39 of 1999), Economic, Social and Cultural Rights (as guaranteed by UU No 11 of 2005), and Right to Land (as guaranteed by UU no 5 of 1960). The presence of these rights and the prospect that they will continue into the future are under threat, due to the policies of the Kulon Progo Regency Government to mine iron sands and build a steel factory in an area which is settled by, and provides a livelihood for, its inhabitants. Just as it was known that it would, this mine has triggered a conflict between the people and the government, with no end in sight.”

Read the full document here (PDF).

Australian links for solidarity actions + more:

Indomines Pty Ltd are the Australian arm of the project, their offices are located at Level 1, 15 Rheola Street, WEST PERTH, WA, AUSTRALIA, 6005

Indo Mines
http://www.indomines.com.au/asx-announcements/
http://www.indomines.com.au/
http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=IDO

Their Interim Financial Report (dated 16/03/11) reports a number of interesting things:

* Indomines remains in debt to Anglo Pacific Group, whom also apparently remain the largest shareholder of Indomines stocks. Their head offices are located at 17 Hill Street, Mayfair, London W1J 5NZ, Telephone: +44 (0) 20 7318 6360

* Indomines has appointed Outotec “to complete the process evaluation and design of the Iron Project”. This is to occur at Outotec Ausmelt, located at 12 Kitchen Road, Dandenong South (03) 9794 6200.

* Outotec also has offices located in Melbourne (72 Market St., South Melbourne), and a number of other Australian locations.

* “On 11 January 2011, the Company announced that the Bupati Kepala Daerah Kabupaten Kulon Progo (“Regional Government”) had approved the Company’s Environmental Impact Assessment scoping document (KA-ANDAL). The KA-ANDAL approval enables Indo Mines to complete the environmental and social base line measurements and engineering design required to finalise the Feasibility Study for the Jogjakarta Iron Project”

* “The planned staged development of the Jogjakarta Iron Project (“Iron Project”) continued to take shape with the Board approving the commencement of commercial trials of iron concentrate production in the first half of 2011. This decision will allow the Company to generate modest early cash flow from the Iron Project while also building its operating expertise ahead of full-scale production in mid-2012. A feasibility study assessing the potential to initially produce 2 million tonnes of iron concentrate per year from the Iron Project is scheduled for completion in June.

* “There is also further potential to produce 1 million tonnes of pig iron per year at a later date. A feasibility study for the pig iron development will be completed in the next 18 months.”

Outside of the interim report, it should be known that StoneBridge, “a staff owned boutique investment firm with over 15 years experience in the Australian public and private markets”, has been managing placements for Indomines. StoneBridge’s website boasts of being the ‘sole lead manager for IndoMines’ with a ‘A$6.5 million Placement’.

They are located at:

Adelaide
Suite 5, 148 Greenhill Road
Parkside
ADELAIDE SA 5063
T +61 8 8291 1111

Gold Coast
Level 11, 50 Cavill Avenue
SURFERS PARADISE QLD 4217
T +61 7 5504 2111

Melbourne
Level 13, 8 Exhibition Street
MELBOURNE VIC 3000
T +61 3 8660 7222

Perth
Level 6, 105 St Georges Terrace
PERTH WA 6000
T +61 8 6436 3111

Sydney
Level 27, Governor Phillip Tower
1 Farrer Place
SYDNEY NSW 2000
T +61 2 8336 7700

Finally, firms that either are or were large shareholders of Indomines include:

Merrill Lynch
, Deutsche Bank & Rockcheck.

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Posted in Eco Struggle