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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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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- The University of Queensland
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
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