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Monday, 26 December 11
NEW EXPORT TAX PLAN GREETED WITH PRAISE AND CRITICISM - THE JAKARTA POST
 The Jakarta Post, one of the Indonesia's leading english news paper reported that, both praise and criticism showered the government’s plan to tax the export of minerals and base metals starting next year.
Economists say such an initiative is a testament to the government’s long-term economic vision, in which local manufacturers are encouraged to add value to commodities, as well as contributing to national energy security.
For local miners, on the other hand, the upcoming export tax would be an additional burden that could affect their financial performance amid global economic uncertainties that could jeopardize future expansion plans.
Arif Hadianto, a spokesperson for Indonesia’s fifth largest coal miner, PT Berau Coal Energy, said coal producers already paid 13.5 percent of their total sales as royalties to the government, on top of the income and value-added taxes.
“A new tax would automatically be a burden. The government must take into account that coal producers have an obligation to meet domestic demand,” Arif said on Sunday.
Separately, Resource Alam Indonesia head of investor relations Erif Tirtana said small- and medium-sized companies would be hurt most by the tax plan. “The export tax will be a double tax, as we are already paying royalties. I just hope that the ministry will consider our grievances,” he said.
PT Antam corporate secretary Bimo Budi Satriyo said that the export tax would reduce his company’s profits. Bimo said that Antam, which exports nickel to China, Korea, and Europe, had to give 5 percent off its sales prices per ton of high calorie (garnierite) nickel ore and 4 percent for every ton of low-calorie (limonite) nickel ore in royalty fees.
“We still don’t know what the regulation will look like. As long as the government considers the royalty we are already paying. It will be okay.”
Association of Indonesian Mining Professional chairman Irwandi Arif said that the government should calculate the amount of export tax to help companies maintain their profits. He said, the tax should be re-distributed to develop industry in the country.
“The export tax should be used to provide incentives in development of coal-powered power plants, for example, in Mulut Tambang [in Tanjung Enim, South Sumatra]. It would be troublesome if the government fails to synchronize the use of the tax,” Irwandi said.
The tax plan was first introduced last week by Industry Minister Mohamad S. Hidayat, who said that the ministry was preparing the export tax on mineral products to encourage the development of derivatives products from minerals and base metals by local industries.
Hidayat said the regulation was poised to be implemented in the first half of 2012, pending approval from the Finance Ministry.
“The growth of the downstream industry will create jobs, add value to our products and reduce dependence on imports,” said Hidayat. He promised that investors who invested in downstream industries would be given tax holidays.
The planned export tax is in line with the ongoing process carried out by the Energy and Mineral Resources Ministry, which is drafting a regulation that will ban exports of raw mining products beginning in 2014. Prohibiting exports of raw mining product is a part of the government’s commitment to fully implement the 2009 Mineral and Coal Law, requiring miners to process coal and mineral into added-value products before exporting them.
Mining expert Kurtubi said that the government’s move to impose export taxes on non-renewable coal and base metals was “logical” as other commodity-based industries were already paying more.
“State revenue from coal and general mining is very little. Corporate tax for general mining sector is about 35 to 40 percent, while the royalty as stated in the contract of work is only about 1 percent.”
Source: The Jakarta Post
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Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
Thursday, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
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- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
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