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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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- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- CNBM International Corporation - China
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Australian Coal Association
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