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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
 The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mining companies amid indications of potential legal violations in calculating their tax payments.
Tax office spokesman Dedi Rudaedi said in a press release sent to The Jakarta Post on Tuesday that more tax supervisors who understood the technical aspects of coal mining would be assigned to ensure that there were no legal violations in calculating the companies’ tax burden.
Dedi added that the technical ministry overseeing coal mining companies, the Energy and Mineral Resources Ministry, had the expertise to determine production, cost recovery and operational costs of coal miners.
It was also important to improve the exchange of information between the tax office and the Energy and Mineral Resources Ministry, as mandated by the 2009 Taxation, he added.
“With that effort, the tax office can examine and ensure that the information contained in the tax forms submitted by taxpayers in the coal mining sector is true,” Rudi said.
Deputy Energy and Mineral Resources Minister Widjajono Partowidagdo said that calculating operational costs in the coal mining sector was not as transparent a process as it was in the oil and gas sector.
“In coal, miners calculate operational costs by themselves, while in the oil and gas sector, the amount of the costs must be approved by [upstream oil and gas regulator] BPMigas,” he said.
Widjajono said that a coal and mineral mining company’s revenues were comprised of operational costs, the government’s share and the company’s share.
The higher the costs, the smaller the returns to the government would be, he added.
Indonesian Coal Mining Association (APBI) chairman Bob Kamandanu told the Post that all costs and expenditures reported to the tax office and the Energy and Mineral Resources Ministry were audited first so there was only a very small possibility for a coal miner to balloon their operational cost figures.
“We have a tax officer supervising each coal company. Our financial statements must also be audited by public auditors. We are also audited by the Development Finance Comptroller [BPKP],” he said.
Bob said that the operational costs of coal miners usually came from subcontractors who charged them for each project undertaken.
Coal mining companies checked the validity of prices listed on invoices submitted by subcontractors before approving them, Bob added.
“However, we will fully support it if the government wants to improve its supervision of coal mining companies to check whether there is something wrong,” Bob said.
Indonesia’s coal production is estimated to reach 370 million tons in 2011, with 65 million tons allocated for the domestic market.
The Energy and Mineral Resources Ministry previously said it expected investment in the mineral and coal mining sector to reach US$3.2 billion this year, a slight increase from last year’s figure of $3.18 billion.
Source: The Jakarta Post (By Rangga D. Fadillah)
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Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
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- VISA Power Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
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