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Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
 KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides useful insight into the latest policy positions of the Indonesian Government on mining business activities in the country, according to global law firm Herbert Smith Freehills and its affiliate firm Hiswara Bunjamin &Tandjung in Jakarta.
"The new draft seeks to readdress some of the more troublesome reforms introduced in the 2009 Mining Law, but while the draft is generally a positive development, it fails to properly resolve several existing issues," said Herbert Smith Freehills partner David Dawborn.
"Amendments to the 2009 Mining Law are yet to be finalized and continue to be discussed by the Indonesian House of Representatives," said Dhani Maulana Pattinggi Partner at Hiswara Bunjamin & Tandjung. "However, this new draft provides a very clear insight into the likely direction that those amendments may take, and into the eventual law that will be enacted to replace the 2009 Mining Law."
The most significant changes from the current mining law proposed by the draft are:
- Every existing Coal Contract of Work (CCOW) and Contract of Work (COW) must be converted into an Exploration or Production Operation Special Mining Business License (IUPK, which will have a validity period equal to the remaining term of the relevant CCOW/COW) within one year from the enactment of the law.
- The current exemptions to the ore export ban (due to expire on 11 January 2017) will be extended for a further five years for mining companies that already operate processing facilities and are in the process of building refining facilities.
- Tax and non-tax incentives will be granted to the holders of Production Operation Mining Licenses (IUPs) and Special Production IUPs who carry out processing/refining activities by constructing processing/refinery facilities.
- Production Operation IUPs will be granted a longer validity period if they are integrated with processing/refining facilities or a steam power plant, and will not be required to comply with the local divestment obligation until the tenth year after the commencement of production operation activities.
- Production Operation IUP and IUPK holders with foreign shareholders can satisfy their share divestment obligations through an initial public offering on the Indonesian stock exchange.
- The operation of actual mining exploitation activities may be able to be sub-contracted by a mining company to a mining contractor which holds a Mining Services Business Licence (Izin Usaha JasaPertambangan or IUJP, currently controversially prohibited under the 2009 Mining Law).
- Consistent with the Regional Autonomy Law, the elimination of the authority of local regents and/or mayors to issue mining licences.
- The mining of rare earth minerals is only permitted to be undertaken by Indonesian state-owned enterprises (BUMNs).
- Poor global economic conditions are included as a new reason to allow an IUP holder to apply for a suspension of its mining activities.
- The percentage of regional revenue from mining operations that will be distributed to the provincial governor is increased from 1% to 2%.
The full article, which will further discuss the important sections of the new draft mining law will be published on 10 August 2016.
By: HSF & HBT
About Herbert Smith Freehills & Hiswara Bunjamin & Tandjung
HSF operating from over 26 offices across Asia Pacific, EMEA and North America, Herbert Smith Freehills is at the heart of the new global business landscape providing premium quality, full-service legal advice.
Hiswara Bunjamin & Tandjung is consistently recognised as one of the leading commercial and corporate law firms in Indonesia, specialising in protection of foreign investor interests, both in transaction and contentious situations.
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David Dawborn |
Dhani Maulana |
Matthew Goerke |
Justikarini Sormin |
The contents of this article, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such.
If you believe an article violates your rights or the rights of others, please contact us.
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Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- India Bulls Power Limited - India
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- Latin American Coal - Colombia
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- Global Coal Blending Company Limited - Australia
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- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- The Treasury - Australian Government
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- Savvy Resources Ltd - HongKong
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- Minerals Council of Australia
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- IHS Mccloskey Coal Group - USA
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- Mintek Dendrill Indonesia
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- Siam City Cement PLC, Thailand
- Australian Coal Association
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- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
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- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
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- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
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- Deloitte Consulting - India
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- Cigading International Bulk Terminal - Indonesia
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- Independent Power Producers Association of India
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- Wood Mackenzie - Singapore
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- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
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- ICICI Bank Limited - India
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- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
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- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
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- Indogreen Group - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
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- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
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- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
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- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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- Parliament of New Zealand
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- Electricity Authority, New Zealand
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- Planning Commission, India
- Kumho Petrochemical, South Korea
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