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Tuesday, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several crucial issues are still yet to be found.
The government remains adamant that it will not compromise on its intention to ramp up state revenues by increasing royalties, while miners on the other hand insist that some points in the 2009 minerals and coal law are “irrational” and may create uncertainty in terms of the outcome of their investments.
The Indonesian Mining Association (IMA) revealed that renegotiations had stalled due to three major issues: the size of mining areas, state revenues and contract extensions.
In a bid to make progress on the stagnant talks between the government and miners, the association proposed solutions to the three issues based on what it saw as fair for both parties. With the proposals, it expected that deals would be made, which would foster an air of certainty in relation to operations.
On the issue of state revenues, the association claimed that it was hard for mining companies to adjust the amount of royalties to the level set by the government in the 2003 regulation on tariffs for non-tax revenues for the energy and mineral resources sector (3.75 percent of sales for gold, 3.25 percent for silver and 4 percent for copper).
“If the government wants to raise royalties, it also has to think about other financial obligations paid by companies, such as the corporate income tax, the amount of which is still 35 percent even though the 2008 law on income tax revised it to 25 percent,” said Syahrir AB, an executive director of the IMA, in Jakarta on Monday.
The government could not force mining companies to pay higher royalties without adjusting its other financial obligations because such economic burdens would reduce the profitability of their projects, he explained.
If the goal was to raise state revenues from the mining sector, he suggested that the government apply a threshold for mining companies’ profits. For example, if a company made a profit margin of more than 25 percent due to the soaring prices of commodities, the government could apply an additional tax, he added.
The second suggestion was related to the size of mining areas. The association said most mining companies needed at least 70,000 hectares to make a mining project “economical”. However, the 2009 law on minerals and coal determined that the maximum size for mineral mining was 25,000 hectares, with coal mining at 15,000 hectares.
“In our last meeting with the government, it understood our reasons. The government agreed that the size of an area granted to a company would be judged based on the long-term plan it proposed to the government,” Syahrir reported.
That model requires the Energy and Mineral Resources Ministry to have the human resources to review the plan and judge whether the size of area proposed by a company is reasonable or not. If the reviewers say that the proposal is unreasonable, the government can grant the permit for a smaller area.
The third suggestion was about the contract extension. Currently, mining companies can extend the contract by “two times 10 years”, but the authority to grant approval for the extension is in the hands of the head of regions by issuing mining permits. The association deems that the model creates uncertainty over the future of mining projects. It suggests that the contract extension clause is included into mining contracts (KK) and contracts of work (PKP2B).
The director general for minerals and coal at the Energy and Mineral Resources Ministry, Thamrin Sihite, said that out of 42 mining contract holders and 76 contracts of work, there were companies that agreed to all renegotiation points, and some that partially agreed and disagreed.
“About the suggestion in relation to the size of area, the government will review it first, if the proposal is in line with the government vision, we may approve it,” he said over the phone.
However, he reminded that renegotiations had to be looked at on case by case basis as each company had different problems.
IMA proposals:
•The implementation of a profit threshold to allow the government to tax mining companies if the latter’s profit margins exceed the threshold.
•Determine the mining area based on the profitability of each mining project. The IMA estimates that a company needs at least 70,000 hectares to make a project profitable.
•Contract extensions have to be included into mining contracts (KK) and contracts of work (PKP2B) to create certainty.
Source: The Jakarta Post
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Wednesday, 11 January 12
NEWBUILDING ORDERS DECLINE, AS SHIP OWNERS REALIZE OVERSUPPLY WILL "KILL" THEM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With 2012 now underway, it will be rather interesting to see how ship owners will play the "newbuilding ordering" card to their favor, as ...
Tuesday, 10 January 12
THE 4TH DEEPWATER ASIA CONGRESS 2012 WILL KICK OFF ON MAY 23 - 25
Press release - Based on the past three years’ success, SZ & W Group is excited to announce the 4th Deepwater Asia Congress will be held o ...
Monday, 09 January 12
2012: WHAT WILL IT BRING FOR THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A further increase in dry bulk demand could be the remedy for most of the industry's oversupply issues, together of course with the high level of s ...
Sunday, 08 January 12
ICICI OUTLOOK ON INDIAN POWER, MINING,CEMENT, AND SHIPPING SECTORS PERFORMANCE IN 2012
Broking firm, ICICIdirect (India) has come out with report on sectors outlook for 2012. IRIS has collated key highlights for each sector from ...
Sunday, 08 January 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7000 PER DAY - VISTAAR
Wish You a Very Happy and Prosperous New year 2012.
COALspot.com - The last report by us was on 16th Dec 2011 and because of holidays this would ...
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- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- The University of Queensland
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
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