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Tuesday, 07 August 12
THE JAKARTA POST EDITORIAL: REVISITING THE MINING LAW
 The Jakarta post, one of the leading English news paper in Indonesia writes in its editorial today, what the domestic and foreign investors had dreaded after the 2009 Mining and Coal law was enacted after more than three years of squabbling in the House of Representatives, has taken place.
The combination of inadequate institutional capacity, greed and corruption has resulted in the issuance of thousands of overlapping mining permits which contravened other laws, especially those regarding forestry and the environment.
The philosophy of the law was politically welcomed because the legislation devolves the authority for awarding mining licenses, outside oil and natural gas, to regional administrations (mostly regents). That was considered the best way of ensuring that natural resources are managed to serve the best interests of the local people.
Politicians in the House imagined the new legislation would better serve national interests, as it limits areas of exploration to 100,000 hectares, and cuts the validity of mining operations from a maximum of 70 years to 20, with two possible 10-year extensions.
Mining firms were expected to be more responsible, because, different from a contract of work, which integrates permits for all stages of mining operations, the new law requires companies to seek separate permits for each phase of mining activity – from exploration to feasibility studies and construction of production facilities. Mining firms must also process all mining products locally into metal starting in 2014.
But as more than 5,000 legally-flawed mining permits have been issued, many now question whether the decentralization of mining permits, mostly to regents, is in compliance with the 33rd article of the Constitution, which stipulates that the land, the waters and the natural resources within shall be under the powers of the state and shall be used to the greatest benefit of the people.
The shorter mining permits seem to have prompted reckless over-exploitation of resources, as can be seen in the exponential increase in unprocessed mineral exports over the past two years: nickel ore exports rose eightfold to 33 million tons in 2011, iron ore sevenfold to 13 million tons, copper more than tenfold to 14 million tons and bauxite fivefold to 40 million tons.
What makes everything even more murky, and causes legal black holes, are two contradictory provisions in the new law. One of them states that the sanctity of contracts of work in mining issued before the new law will be fully honored, but another provision stipulates that such pre-existing contracts must be adjusted to the provisions of the new law.
The Energy and Mineral Resources Ministry is now reviewing more than 5,000 legally defective mining permits, and has forced mining companies to be more serious in processing their minerals or metals locally by imposing export taxes on unprocessed mineral exports.
Such a piece-meal solution, let alone the issuance of ill-thought policy instruments as the surcharge on unprocessed mineral exports, is not effective in addressing the imbroglio that has been gripping the mining industry over the past three years.
The problem is that the central government itself took almost two years to prepare all the derivative regulations to implement the 2009 mining law. Hence, the law has been in full-fledged enforcement for only about two years now, while the implementation of many of its provisions on processing industry require more than three years of preparation and five years for construction.
In fact, it will take more than three years to increase the technical competence of district or regency administrations to enforce the law, and much longer for firms to plan and build smelters, which requires a huge amount of low-cost energy to be feasible.
It is thus a matter of urgency that the central government, regional mining chiefs and mining companies, sit down for an overall review of the mining law and make whatever adjustments are needed to make it politically and commercially enforceable.
Source: The Jakarta Post
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Saturday, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
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- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
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