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Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
 The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the mining management which in essence nationalize it and renegotiate the right with the company or with other companies.
“If a company contract period is expired, it will not be extended. (The area) must be returned to the state first. If the foreign investors still want to continue, they will have to negotiate again. For example, say a contract with Inalum expired in 2013, yes, it run out right away, “said Coordinating Minister Hatta Rajasa in Jakarta, Tuesday (07/06/2011).
According to Hatta, the renegotiation of mining contracts of work needs to be done because there is potential lost from non-tax revenue to the state from the energy and mineral resources sector. The Government believes the royalties from the sale of Indonesia’s mining goods is too small compare to the sale value.
“There is potential lost of non-tax revenues, so renegotiation must be done. We all know that nickel mine is large, but the royalties is only 0.28 percent, while Freeport Indonesia only pays 1 percent (royalty), and Antam (Aneka Tambang), only 3.5 percent. This is not fair “said Hatta.
At the moment there are 42 mining companies operate under Contract of Work and 76 operate under the old coal mining works agreement. Amongst those are big companies such as PT Freeport Indonesia and PT Newmont Nusa Tenggara.
Strategic mineral resources exploitation as a commodity has become increasingly out of control with the implementation of regional autonomy as a result of reformation movement. The government reported that there are approximately 8,000 mining permit issued by local governments. The regional autonomy has allowed regency to grant mining permit while before reformation movement, a mining permit must be approved by the President as well as the People Representative.
The condition is increasingly opened up opportunities for foreign direct control of coal and mineral resources. Foreign mining companies, particularly from China and India, control small to medium mining operation in Indonesia by funding local companies.
“Without realizing it, we’ve become the upstream resources to China and India. The two countries are very aggressively when looking for coal resources as a substitute for foreign oil, mean while their oil and gas reserves are deliberately kept intact ” said Singgih Widagdo, Indonesian Coal Society Executive Director.
It is not clear on how the Government of Indonesia is going to fund the mining operation if big company such as PT Freeport Indonesia or PT Newmont Nusa Tenggara packs up their bags and leave as they will obviously be taking all of their equipment with them. This strategy could back fire and devoid the state from these companies income tax which undoubtedly a lot bigger than the royalty.
One would think that by simply issuing regulation to increase the royalty will be a lot easier for everyone to deal with.
Source: Jakarta Updates
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Thursday, 02 June 11
LARGE SUPRAS FOR RBCT/INDIA ROUND ARE NOW ASKING 14K - FEARNBULK
Handy
The Handy/Supra market has in general been flat and un-exciting this week. The Black Sea market is almost non existing while the US Gulf mar ...
Thursday, 02 June 11
DRY BULK SHIP OWNERS LOOKING INTO SHORTENED WEEK WITH ANXIETY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most markets in the western world closed yesterday, as a result of Memorial Day, dry bulk stakeholders weren’t able to build over the pos ...
Monday, 30 May 11
MIANG BESAR COAL TERMINAL ON TARGET
COALspot.com - MBCT, to be largest coal terminal in Asia to start construction in Indonesia’s east Kalimantan Island in July 2011 says Mr. Joh ...
Sunday, 29 May 11
THE FREIGHT MARKET CONTINUED TO GAIN MOMENTUM - VISTAAR
COALspot.com - The freight market continued to gain momentum and the BDI, Cape Index and Panamax was by up almost 10-12 pct and on all sectors, Vist ...
Saturday, 28 May 11
WCI-CHINA RATES SLIDED TO 15K AND FROM ECI AROUND 12K - FEARNLEYS AS
Handy
Rates in the Atlantic remain steady/flat with the Black Sea remaining quiet with little fresh enquiries. The Continent is seeing more tonnag ...
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- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
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