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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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Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
Thursday, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the ...
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- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- The University of Queensland
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
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