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Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
 Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues continue to dominate the top 10 rankings in Ernst & Young’s annual Business risks facing mining & metals 2011-2012 report, released today.
Ernst & Young Global Mining & Metals Leader Mike Elliot says in the past 12-18 months at least 25 countries have increased or announced intentions to increase their government take via taxes or royalties. “Resource nationalism is taking other forms as well, including greater controls on foreign participation mandated beneficiation, use it or lose it demands and mandated government participation,” says Elliott.
Vietnam, for example, yesterday announced that export taxes on all kinds of coal would be increased from the current 15 percent to 20 percent as of September 2011, to limit the outflow of the natural resource, according to a new circular issued by Vietnam’s Ministry of Finance. Meanwhile, Indonesia is currently in the process of drafting a new regulation that could ban the export of low-grade coal (below 5100 Kcal/kg) by 2014.
“Resource nationalism reflects the expectation among governments that the sector should be contributing more for the right to exploit natural resources,” he says.
According Ernst & Young, the global skills shortage remains in second spot. Infrastructure access jump from the sixth position last year to the third position this year. The other risks are social license to operate (last year in the 5th position), capital project execution (new), price and currency volatility (9), capital allocation (1), cost management (3), interruptions to supply (new), and the last position fraud and corruption (new).
However, Elliot says it’s the myriad of supply capacity constraints that continue to dominate the risk list, accounting for six of the top 10-including the global skills shortage, capital allocation, infrastructure access, capital project execution, cost management, and interruptions to supply.
“The market is probably excessively optimistic about how much and how quickly new production is going to come on. All these supply capacity risks mean companies are unlikely to be able to capture the premium pricing as quickly. It also impacts the cost profile of projects, so there will need to be a higher rate of return to attract new investment and as a result commodity prices will need to be higher,” Elliot said.
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- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
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- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
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- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
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- The University of Queensland
- India Bulls Power Limited - India
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- Trasteel International SA, Italy
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- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
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- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
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- Tata Chemicals Ltd - India
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- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
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- Energy Link Ltd, New Zealand
- Parliament of New Zealand
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- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
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- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
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- Orica Mining Services - Indonesia
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- Banpu Public Company Limited - Thailand
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- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
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- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
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- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
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- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
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