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Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
 The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the mining management which in essence nationalize it and renegotiate the right with the company or with other companies.
“If a company contract period is expired, it will not be extended. (The area) must be returned to the state first. If the foreign investors still want to continue, they will have to negotiate again. For example, say a contract with Inalum expired in 2013, yes, it run out right away, “said Coordinating Minister Hatta Rajasa in Jakarta, Tuesday (07/06/2011).
According to Hatta, the renegotiation of mining contracts of work needs to be done because there is potential lost from non-tax revenue to the state from the energy and mineral resources sector. The Government believes the royalties from the sale of Indonesia’s mining goods is too small compare to the sale value.
“There is potential lost of non-tax revenues, so renegotiation must be done. We all know that nickel mine is large, but the royalties is only 0.28 percent, while Freeport Indonesia only pays 1 percent (royalty), and Antam (Aneka Tambang), only 3.5 percent. This is not fair “said Hatta.
At the moment there are 42 mining companies operate under Contract of Work and 76 operate under the old coal mining works agreement. Amongst those are big companies such as PT Freeport Indonesia and PT Newmont Nusa Tenggara.
Strategic mineral resources exploitation as a commodity has become increasingly out of control with the implementation of regional autonomy as a result of reformation movement. The government reported that there are approximately 8,000 mining permit issued by local governments. The regional autonomy has allowed regency to grant mining permit while before reformation movement, a mining permit must be approved by the President as well as the People Representative.
The condition is increasingly opened up opportunities for foreign direct control of coal and mineral resources. Foreign mining companies, particularly from China and India, control small to medium mining operation in Indonesia by funding local companies.
“Without realizing it, we’ve become the upstream resources to China and India. The two countries are very aggressively when looking for coal resources as a substitute for foreign oil, mean while their oil and gas reserves are deliberately kept intact ” said Singgih Widagdo, Indonesian Coal Society Executive Director.
It is not clear on how the Government of Indonesia is going to fund the mining operation if big company such as PT Freeport Indonesia or PT Newmont Nusa Tenggara packs up their bags and leave as they will obviously be taking all of their equipment with them. This strategy could back fire and devoid the state from these companies income tax which undoubtedly a lot bigger than the royalty.
One would think that by simply issuing regulation to increase the royalty will be a lot easier for everyone to deal with.
Source: Jakarta Updates
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Friday, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
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- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
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