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Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
 The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining industry which are now mostly facing financial difficulties due to the continued drop in coal prices.
“The royalty we receive from the coal mining industry is still small. There is no way for us to provide tax incentive for them,” Finance Ministry interim fiscal agency head Bambang Brodjonegoro told reporters Friday.
The idea of providing tax incentive to coal mining companies came from Deputy Energy and Mineral Resources Minister Rudi Rubiandini, who said Thursday that the government would need to provide fiscal incentives to ease coal miners’ financial hardship if the coal price fall continued.
He promised that the government would provide the tax incentive if the coal price continue to fall and reach US$60 per ton.
As of late last month, Indonesia’s coal reference price (HBA) fell to $84.65 per ton, declining 3.4 percent from $87.56 in July and 25 percent from its high of $112.87 in March.
Some of the country’s major coal producers have revised their annual target due to the declining coal prices.
For example, PT Adaro Energy, the nation’s second-largest thermal coal producer, has revised its annual production target for 2012 to between 48 million and 50 million metric tons, down from 50 million to 53 million tons.
PT Berau Coal Energy, a subsidiary of London-listed Bumi Plc., said it would also lower its production forecast to 20 million and 22 million tons, down from 23 million tons.
Institute for Essential Services Reform energy and mining expert Fabby Tumiwa said that he could not comprehend Rudi’s reasoning to provide tax incentives to the coal mining industry.
“The coal mining industry is a mature industry with a production of 350 million tons per year ... Over 8,000 licenses have been issued for coal companies. With these kinds of condition, I do not see any reason for the industry to receive a tax incentive,” Fabby said.
“If the main reasoning is the declining coal price rates, then it is not a good enough reason for the tax incentive. Commodity price fluctuates regularly and there is no need for the government to interfere in this commodity market mechanism,” he added.
“I believe what the government needs to do right now is to increase royalty from the coal mining industry because as of now, this industry’s royalty contribution has not yet been able to compensate the natural resource damages caused by massive coal exploitations,” he said further.
As of now, the state only receives around 13 percent of royalty from the coal mining industry’s total production. Based on the Supreme Audit Agency (BPK) audit data issued in April, the country suffered Rp 428 billion ($45.03 million) of coal royalty losses in 2011.
Fabby also said that the government also needed to better manage the coal mining industry in the country to prevent over-exploitation rather than pampering mining corporations using incentives.
“We need to have a coal export moratorium as soon as possible because currently, our reserve is depleting fast,” he said.
With the current production rate, Indonesia’s coal reserve, which stands at around 28 billion tons, could run out in around 20 years.
Source: The Jakarta Post
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Friday, 28 September 12
DRY BULK SECOND HAND VESSELS ON HIGH DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the demise of the dry bulk market and the collapse of freight rates since the beginning of 2012, on the back of record breaking newbuilding ...
Thursday, 27 September 12
MINING RE-COMMENCES AT ORPHEUS' B2 EAST KALIMANTAN COAL PROJECT
- B2 project overburden removal completed and coal exposed
- Coal getting has commenced with target production of 30,000tpm
- Orpheus to re ...
Thursday, 27 September 12
HANDY: THE PACIFIC MARKET IS GETTING WEAKER WITH UPCOMING GOLDEN WEEK HOLIDAYS - FEARNLEYS AS
Handy
Yet another week with rates softening in all trades. Especially owners with ships open Continent struggle to find employment paying decent mo ...
Thursday, 27 September 12
DRY BULK MARKET LOSES STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The rise of the BDI (Baltic Dry Index), the dry bulk industry’s benchmark during the course of the previous week, proved to be short-lived, as ...
Wednesday, 26 September 12
NEWBUILDING ORDERING ACTIVITY REMAINS SUBDUED ON GLOBAL MARKET UNCERTAINTY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding ordering activity has been on the down side during the past few weeks, a trend also noticeable during the course of the past few days, a ...
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- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- The University of Queensland
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
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