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Wednesday, 22 January 14
EXPORT BAN ON UNPROCESSED MINERALS EFFECTIVE 12 JANUARY 2014 - THREE - YEAR REPRIEVE FOR SOME, BUT UNCERTAINTY REMAINS: PWC
 COALspot.com: On 11 January 2014, only hours before a long-debated ban on the export of unprocessed minerals was to come into effect, the Government released a series of regulations, seen by many as a compromise position between a full ban and allowing exports of unprocessed ores to continue unabated. The last minute reprieve for producers of certain types of mineral concentrates is available only until 11 January 2017, and comes with strict requirements to show a commitment to building refining facilities (either individually or in cooperation with others), as well as an obligation to pay large and progressively increasing export tariffs, ranging from 20% up to 60% of export revenues.
The Government seems to have heeded the warnings from many sources of the potentially significant negative short-term impact on the economy of a full export ban – particularly in relation to copper concentrates. It has been asserted by many for some time that building additional copper refining capacity in Indonesia is not currently economically feasible, and a full ban on unrefined copper would result in scaled-back production by some of the country’s largest mineral exporters, with resultant job losses, and reduced dollar-denominated export revenues, at a time when Indonesia’s current account and currency are under pressure.
However, the temporary nature of the exception for certain mineral concentrates, and the very heavy export duties imposed, may not achieve the stated outcome hoped for by the Government, which is encouraging investment in refining facilities. Government regulation alone does not improve the economic feasibility of a project, and the heavy export duties may impact both the feasibility of continuing to export over the next three years, as well as the cash flows available for investment in refining capability.
A further concern is that the regulations make clear that they apply both to IUPs (or mining business licences) as well as Contracts of Work (CoWs). CoW holders are likely to question the applicability of newly-promulgated regulations and taxes given the lex specialis nature of their contracts – something which is bound to result in more uncertainty and investment delays in the Indonesian mining sector.
It is yet to be seen how the industry and the Government will respond to these challenges.
- Sacha Winzenried & Fandy Adhitya -
About Sacha Winzenried & Fandy Adhitya
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| Sacha Winzenried |
Fandy Adhitya |
Sacha Winzenried is the lead technical adviser, and Fandy Adhitya a director, in PwC Indonesia’s Energy, Utilities & Mining practice.
They are responsible for the production of mineIndonesia, PwC Indonesia’s annual review of trends in the Indonesian mining sector, which can be obtained at www.pwc.com/id.
Views and opinions / conclusion expressed herein are personal views of the author and not that of COALspot.com.
If you believe an article violates your rights or the rights of others, please contact us.
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Thursday, 23 January 14
30 DAYS LEFT TO REGISTER FOR PACIFIC BASIN COAL CONFERENCE
COALspot.com: (Press Release) : IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Pacific Basin Coal Confer ...
Wednesday, 22 January 14
HANDY/SMAX: TALK OF RATES INDICATES A STEADY TO FIRMING TREND - INTERMODAL
Last week closed off on the red once more for the Dry Bulk market, which continues to see freight rates trying to get steady feet. Nonetheless, with ...
Wednesday, 22 January 14
DRY SECTOR: SENTIMENT REMAINS STRONG - INTERMODAL
As we have now entered 2014 and the Chinese are soon entering their Year of the Horse (sit tight for the ride!), it is a great opportunity to see ho ...
Wednesday, 22 January 14
SGX SUCCESSFULLY LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore exchanged announced that, SGX Freight Futures were successfully launched on 20 January 2014, and the first trade ...
Tuesday, 21 January 14
PORT OF NEWCASTLE SHIPPED SLIGHTLY MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 20 January 14, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2. ...
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- Kepco SPC Power Corporation, Philippines
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- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
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- European Bulk Services B.V. - Netherlands
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- Planning Commission, India
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- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
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- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
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- MS Steel International - UAE
- IEA Clean Coal Centre - UK
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- Global Business Power Corporation, Philippines
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- Economic Council, Georgia
- Parliament of New Zealand
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- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
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- Edison Trading Spa - Italy
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- New Zealand Coal & Carbon
- Romanian Commodities Exchange
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- Global Green Power PLC Corporation, Philippines
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- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
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- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
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- Thai Mozambique Logistica
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- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
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- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
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- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Minerals Council of Australia
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- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
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- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
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- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
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- Commonwealth Bank - Australia
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