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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, 14 December 11
MINER TOBA BARA SEJAHTRA PLANS IPO IN 1ST HALF OF 2012 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Coal miner Toba Bara Sejahtra is aiming high next year, hoping to capitalize on renewed bullish sentiment in the lo ...
Wednesday, 14 December 11
TIMAH PLANS TO BOOST ITS COAL PRODUCTION TO TWO MILLION TONS PER ANNUM - SOURCES
COALspot.com - Timah plans to boost its coal production to two million tons per annum. The company also expects to acquire coal concession with mini ...
Wednesday, 14 December 11
BORNEO RESOURCE INVESTMENTS LTD. FINALIZES ACQUISITION OF INTEGRA PRIMA
COALspot.com - Borneo Resource Investments Ltd., announced that it has finalized the acquisition of an additional 1,300 hectare coal mining concessi ...
Tuesday, 13 December 11
BERAU COAL SCOUTS US$1.61 BIO SALES - INSIDER STORIES
Insider Stories reported that, coal mining company PT Berau Coal Energy Tbk (BRAU), that is 85% owned by London-listed company Bumi Plc, estimates a ...
Tuesday, 13 December 11
CAPESIZES AND PANAMAXES LEAD DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched closer to the 2,000 mark on Monday, with Panamaxes rebounding firmly and leading the gains. As a result, the industry&rsq ...
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- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
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