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Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
 KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides useful insight into the latest policy positions of the Indonesian Government on mining business activities in the country, according to global law firm Herbert Smith Freehills and its affiliate firm Hiswara Bunjamin &Tandjung in Jakarta.
"The new draft seeks to readdress some of the more troublesome reforms introduced in the 2009 Mining Law, but while the draft is generally a positive development, it fails to properly resolve several existing issues," said Herbert Smith Freehills partner David Dawborn.
"Amendments to the 2009 Mining Law are yet to be finalized and continue to be discussed by the Indonesian House of Representatives," said Dhani Maulana Pattinggi Partner at Hiswara Bunjamin & Tandjung. "However, this new draft provides a very clear insight into the likely direction that those amendments may take, and into the eventual law that will be enacted to replace the 2009 Mining Law."
The most significant changes from the current mining law proposed by the draft are:
- Every existing Coal Contract of Work (CCOW) and Contract of Work (COW) must be converted into an Exploration or Production Operation Special Mining Business License (IUPK, which will have a validity period equal to the remaining term of the relevant CCOW/COW) within one year from the enactment of the law.
- The current exemptions to the ore export ban (due to expire on 11 January 2017) will be extended for a further five years for mining companies that already operate processing facilities and are in the process of building refining facilities.
- Tax and non-tax incentives will be granted to the holders of Production Operation Mining Licenses (IUPs) and Special Production IUPs who carry out processing/refining activities by constructing processing/refinery facilities.
- Production Operation IUPs will be granted a longer validity period if they are integrated with processing/refining facilities or a steam power plant, and will not be required to comply with the local divestment obligation until the tenth year after the commencement of production operation activities.
- Production Operation IUP and IUPK holders with foreign shareholders can satisfy their share divestment obligations through an initial public offering on the Indonesian stock exchange.
- The operation of actual mining exploitation activities may be able to be sub-contracted by a mining company to a mining contractor which holds a Mining Services Business Licence (Izin Usaha JasaPertambangan or IUJP, currently controversially prohibited under the 2009 Mining Law).
- Consistent with the Regional Autonomy Law, the elimination of the authority of local regents and/or mayors to issue mining licences.
- The mining of rare earth minerals is only permitted to be undertaken by Indonesian state-owned enterprises (BUMNs).
- Poor global economic conditions are included as a new reason to allow an IUP holder to apply for a suspension of its mining activities.
- The percentage of regional revenue from mining operations that will be distributed to the provincial governor is increased from 1% to 2%.
The full article, which will further discuss the important sections of the new draft mining law will be published on 10 August 2016.
By: HSF & HBT
About Herbert Smith Freehills & Hiswara Bunjamin & Tandjung
HSF operating from over 26 offices across Asia Pacific, EMEA and North America, Herbert Smith Freehills is at the heart of the new global business landscape providing premium quality, full-service legal advice.
Hiswara Bunjamin & Tandjung is consistently recognised as one of the leading commercial and corporate law firms in Indonesia, specialising in protection of foreign investor interests, both in transaction and contentious situations.
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David Dawborn |
Dhani Maulana |
Matthew Goerke |
Justikarini Sormin |
The contents of this article, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such.
If you believe an article violates your rights or the rights of others, please contact us.
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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- Planning Commission, India
- Videocon Industries ltd - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
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