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Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
 The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the development of $10 billion worth of projects that have been stalled because of the slow legislation.
The detailed guidelines governing mining concessions were signed by President Susilo Bambang Yudhoyono and are retroactive to Feb. 1. Investors had long been waiting on the regulations to resolve questions over the validity of their existing contracts of work (KK).
“We will honor the existing contracts,” said Bambang Gatot Ariyono, director of coal and minerals at the Energy Ministry.
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“We will honor the existing contracts” - Bambang Gatot Ariyono”
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The Indonesian Mining Association said at the end of last year that $10 billion worth of mining projects were stalled because of the government’s slow pace in issuing the regulations.
The regulations state that existing contracts will not be subject to changes in the new Mining Law.
Article 39 of regulation No. 22/2010 stipulates the smaller existing mining areas will be known as mining business permit territories (WIUP) within three months. However, Bambang said the shift in terms from mining areas to WIUP did not mean they would be affected by the new law.
Larger, existing mining concessions will be called mining business areas (WUP) within three months. The new Mining Law sets limits on exploration, production and size of concession, but WUP and WIUP holders are not subject to the restrictions.
The other regulation, No. 23/2010, states that the government must honor existing KK and mining concessions (KP) until the contracts expire. KK contracts are long-term deals signed with the central government guaranteeing lengths of 25 years and upward. KP are shorter duration contracts.
Both systems are being phased out in favor of mining business permits (IUP), which will further restrict the durations of contracts and areas of
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“The regulation No. 23/2010, states that the government must honor existing KK and mining concessions (KP) until the contracts expire”
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concessions.
According to the Energy Ministry, there are 8,020 applications for IUPs.
“We hope with the regulations release, the investors will start their projects soon,” Bambang said.
However, the IMA was wary of the regulations, saying it needed to study them further.
“We’re still unsure on how it will be implemented,” said Priyo Pribadi Soemarno, IMA’s executive director.
The stalled projects include a $4 billion nickel project by Rio Tinto, a $2 billion nickel project by Eramet, a $500 million zinc and black tin project by Dairy Prima, a $500 million gold project by Meares Soputan, and three PT Aneka Tambang projects — a $1 billion hydrometallurgy project, a $320 million ferronickel project and a $220 million chemical grade alumunia project.
Source: The Jakarta Globe
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Tuesday, 16 February 10
LAW POSES THREAT TO INDONESIA'S COAL INDUSTRY
A zoning law could cost coal miners billions of dollars this year alone, hurt investment in the industry and disrupt the supply of the fuel to the c ...
Tuesday, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
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