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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Parliament of New Zealand
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
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