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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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Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
Thursday, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the ...
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- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- The University of Queensland
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
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