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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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Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Planning Commission, India
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