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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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Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
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 t ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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Showing 4911 to 4915 news of total 6871 |
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- Deloitte Consulting - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
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