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Indonesia Sticking by Ore Ban

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Yoga Rusmana, Eko Listlyorini Phoebe Sedgman

Indonesia’s ban on ore exports will remain in place under the next government as the curbs spur as much as $18 billion in investment in processing plants by 2017, according to the Energy and Mineral Resources Ministry.

Mostly Chinese investors are planning at least 64 facilities to process nickel, bauxite and other metals, R. Sukhyar, the ministry’s director general for minerals and coal, said in an interview. Investments reached $4.9 billion so far this year, said Sukhyar, who is expected to keep his post in the new administration.

Nickel is the second-biggest gainer among commodities this year after the largest mined producer barred ore exports to compel investments in local processing. The maintenance of the ban after presidential elections last month is pivotal to predictions for further price increases from banks including BNP Paribas. Joko Widodo, the Jakarta governor elected to succeed President Susilo Bambang Yudhoyono, and Prabowo Subianto, who challenged the result, say they will keep the ban, Sukhyar said.

"If s important to maintain the policy," Sukhyar said in Jakarta on Monday. "Investors have made it clear to the government that they don’t want any change in policy because it could damage all their investments and they would lose trust."

Yudhoyono prohibited ore exports from Southeast Asia’s largest economy in January in a wager that investment and higher prices would more than offset job cuts and lost revenue from unprocessed shipments over time. The curb will shift the global nickel market into a deficit next year for the first time since 2010, according to Morgan Stanley.

Price outlook

Nickel, used to make stainless steel, rallied as much as 56 percent this year to $21,625 a metric ton in May. Futures traded 02 percent higher at $18,788 a ton on the London Metal Exchange at 603 am on Wednesday, climbing for a third day. The price will stay above $18,000 this year, Sukhyar said.

"When the ban was first brought in, people were a bit skeptical that it possibly wouldn’t last that long," James Glenn, an economist at National Australia Bank, said on Wednesday. "It’s definitely become clear that this is something that’s going to be in place for a while to come."

A jump to $25,000 is plausible, according to Stephen Briggs, a metal strategist at BNP Paribas in London, whose outlook was conditional on the maintenance of the baa Nickel was listed by Societe Generale among its top picks for this half as the curb was seen moving the market to shortages.

Same view

Joko and Prabowo "shared the same view and acknowledged the importance of value-added processing and for us not to export raw materials anymore," said Sukhyar, who was appointed to his post in December and has been working at the ministry since 1979.

Yudhoyonos term ends in October.

Jusuf Kali a, Joko’s running mate, said in June during the contest for votes that they would keep the ban, a stance that was further supported by .campaign documents. Prabowo would retain the ban should he become president, his brother and financial adviser, Hashim Djojohadikusumo, said on June 6.

Investors will build 30 nickel smelters that will process about 20 million tons of ore when all of them start production in 2017, Sukhyar said. Before the ban, most unprocessed nickel ore was shipped direct to China to make nickel pig iron, a cheaper substitute for the refined metal.

Nickel demand will outstrip supply by 97,100 tons in 2015, according to Morgan Stanley, while Goldman Sachs sees a 200,000 ton deficit next year. The ban will cut mined output in Indonesia to 8.9 percent of supply from mines in 2015 from 29 percent last year, Morgan Stanley said in a July 8 report.

"You can expect to see the market move more into a reasonably significant deficit toward the end of this year and into next year," Glenn said. That’s going to see renewed support for die nickel price.” Bloomberg

 Source : JakartaGlobe, August 14, 2014

Terakhir Diperbaharui ( Jumat, 22 Agustus 2014 11:00 )

Pemerintah Jangan Terjebak Skenario Perusahaan Tambang Asing

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Yurika Indah Prasetianti

JAKARTA. Pemberiakukan larangan ekspor mineral mentah sesuai amanah Undang-undang Nomor 4 Tahun 2009 tentang Pertambangan Mineral dan Batubara (Minerba) mengharuskan pemerintah bekerja keras melakukan renegosiasi dengan perusahaan-perusahaan tambang.

Budi Santoso, Ketua Working Group Kebijakan Pertambangan Perhimpunan Ahli Pertambangan Indonesia (PERHAPI), mengatakan pemerintan berikutnya semestinya mempertimbangkan semua hal yang dilakukan perusahaan tambang terutama tambang asing.

"Berkaitan dengan kasus Freeport sebaiknya jangan terjebak oleh keinginan Freeport yang akan mendirikan smelter dan investasi untuk memperpanjang sampai tahun 2041," kata Budi kepada IFT, Selasa.

Budi meminta pemerintah berikutnya mempersiapkan lembaga atau perusahaan yang siap mengambil alih perusahaan tambang asing. Pemerintah perlu menyiapkan badan atau perusahaan yang akan mengambil alih Freeport.

Salah satu tujuan kontrak karya dibuat dengan masa kontrak 30 tahun plus 10 tahun dan 10 tahun karena suatu saat bangsa ini mampu mengelola sendiri sumberdaya alamnya. Tidak ada alasan sisi modal dan keteknikan untuk mengelola bekas tambang freeport.

"Mengambilalih Kontrak Karya Freeport tidak cuma bermanfaat ekonomi nasional tetapi juga kedaulatan dan percaya diri bangsa," ujarnya.

Mengenai kebijakan renegosiasi kontrak, kata Budi, pemerintah harus memperhatikan kelayakan keekonomian perusahaan tambang. Pemerintah harus memperhatikan dan mempertimbangkan kelayakan keekonomian perusahaan tambang tersebut dan harus memperhatikan kasus per kasus, seperti royalti atau divestasi.

Budi menguraikan hal lain yang patut dipertimbangkan adalah mengenai penggunaan kandungan lokal dan jasa nasional. "Mengenai penggunaan kandungan lokal dan jasa nasional, pemerintah harus membuat program yang dapat mengurangi hambatan-hambatan terhadap perkembangan produk dan jasa nasional (birokrasi, peningkatan kwalitas) dan tidak sekedar diserahkan kepada perusahaan, bahkan pemerintah harus melakukan affirmative action techadap produk dan jasa nasional dalam jangka waktu yang terukur," urai Budi.

Budi menjelaskan, manfaat pertambangan semestinya tidak hanya dilihat dari sisi penerimaan negara namun juga aspek-aspek lainnya. Pemerintah harus memperhatikan mamfaat pertambangan tidak hanya dari sisi pendapatan negara semata tetapi harus melihat perpektif lain terutama multiplier efek, pertumbuhan ekonomi daerah, lapangan kerja berkualitas.

"Royalti harus menjadi pertimbangan terakhir apabila kelayakan ekonomi tambang tersebut menjadi berkurang," jelas Budi.

Selain itu, lanjut Budi, perlu pula dilakukan pengkajian utang mengenai royalti batubara. Hal ini kaitannya dengan pasokan batubara ke PT PLN (Persero) karena pemerintah masih melakukan subsidi listrik.

"Pengurangan royalti untuk listrik yg disubsidi juga dapat meningkatkan keekonomian dan jumlah cadangan yang layak tambang," urai Budi. Yurika Indah Prasetianti

 Sumber : Indonesia Finance Today, 13 Agustus 2014

Terakhir Diperbaharui ( Jumat, 22 Agustus 2014 10:50 )

IPO Last Option in Freeport Divestment

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Raras Cahyafitri

JAKARTA. An initial public offering (IPO) is PT Freeport Indonesia’s final option to fulfill a requirement to divest up to 30 percent of its shares to local investors as the government attempts to prevent the entry of more foreign investors, a senior government official at the Energy and Mineral Resources Ministry has said.

The ministry’s director general for minerals and coal, R. Sukhyar, said the central government had the priority to buy the shares, which shad to be sold by the mining giant in accordance with the mandatory divestment program.

“If the central government doesn’t exercise its right [to buy], the shares can be purchased by local administrations or national private firms,” he said. He added that an IPO was a possibility but it would have to be regulated to ensure that no foreign investors bought shares.

In a recent memorandum of understanding (MoU), which is the basis of an amendment to its contract of work (COW), Freeport agreed to divest 30 percent of its shares to Indonesian investors.

Freeport Indonesia is 90.64 percent owned by US-based Freeport-McMoRan Copper and Gold Inc. and 9.36 percent by the Indonesian government. Under the MoU, the company is required to divest 20.36 percent of the shares held by its parent company to meet the 30 percent target.

The divestment was now pending a planned new regulation on divestiture that would amend an earlier regulation, according to Sukhyar.

He added that according to the MoU, the Freeport divestment would be carried out in two stages. The first would result in an increase in Indonesian ownership to 20 percent within a year of the new regulation coming into effect, while the second stage would see the divestment of the remaining 10 percent within four years after that.

“An IPO is one option. However, the offering must first be delivered to the central government. As far as I understand it, the Papua provincial administration will have priority,” Freeport president director Rozik Soetjipto said via a text message on Tuesday.

Previously, Indonesian shareholders owned a 20 percent stake in Freeport Indonesia, while Freeport-McMoran divested 10 percent of shares to the Indonesian government. That amount was scaled down to the current 9.36 percent after the government failed to inject capital into the company.

The copper giant also sold another 9.36 percent stake to PT Indocopper Investama, which was controlled by Indonesian tycoon Bob Hasan. However, Indocopper sold back the shares when it ran into debt problems.

Sukhyar said the government had learned from the past and would not let a similar occurrence happen in the future. He said the divestiture regulation stipulated that Indonesian ownership in Freeport “should not be diluted”.

If in the future, the government is unable to contribute to a capital injection, share rights should be offered to other Indonesian entities to maintain the 30 percent ownership rule.

Marwan Batubara, a director with energy studies think tank Indonesian Resources Studies (IRESS), said an IPO to deal with Freeport’s divestment should not be carried out through a public offering to prevent foreign investors from purchasing shares.

“It would be better if a new state-owned enterprise was formed to hold the stake in Freeport. A new firm is necessary because if, for instance, Antam [state-owned miner PT Aneka Tambang] became the shareholder, we would not obtain the benefits from Freeport as the government does not have full ownership of Antam, which is listed on the stock exchange,” Marwan said.

 “The government has to be serious about this divestment. It must not deceive the people any longer, as it has done with [PT] Newmont Nusa Tenggara divestment,” he added, referring to the copper miner.

The government is currently working to complete the purchase of a divestment stake in Newmont Nusa Tenggara. Following the first divestment stage, part of the company’s stake is currently in the hands of a consortium owned by the Bakrie family.

 Sumber : The Jakarta Post, August 13, 2014

Terakhir Diperbaharui ( Jumat, 22 Agustus 2014 10:25 )

Freeport Bisa Kantongi Izin Pertambangan Khusus

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Batas waktu pengajuan izin hingga 2019.

Fery Firmansyah

JAKARTA. Wakil Menteri Energi dan Sumber Daya Mineral Susilo Siswoutomo mengatakan pemerintah tidak memperpanjang izin pertambangan dalam bentuk kontrak karya. Namun, kata dia, pemerintah memberikan izin usaha pertambangan khusus (IUPK). "Dan izin ini harus diajukan dua tahun sebelum kontrak karya berakhir," kata dia, kepada Tempo, kemarin.

Pemberian IUPK dilakukan setelah Freeport selaku pemegang, kontrak karya melakukan divestasi. Perbedaan IUPK dengan kontrak sebelumnya terletak pada proses perjanjian eksplorasi dan eksploitasi tambang. Dalam kontrak karya, klausul perjanjian ditentukan oleh pihak-pihak yang terlibat dalam proyek pertambangan. Sedangkan dalam IUPK, pemerintah memiliki wewenang penuh untuk mengatur klausul dan memberikan izin kepada perusahaan pengelola tambang.

Susilo mengatakan pemberian izin tersebut harus melalui tahapan yang sesuai dengan undang-undang. Meski tidak menyebutkan target pemberian izin tersebut, dia menegaskan perpanjangan kontrak seharusnya selesai pada 2019.

Dalam wawancara terpisah, Direktur Jenderal Mineral dan Batu Bara Kementerian Energi, R. Sukhyar, mengatakan kepastian kelanjutan operasi Freeport baru bisa diperoleh dua tahun sebelum kontrak berakhir pada 2021. Freeport, tutur dia, berharap hak kelanjutan operasi itu diperoleh saat ini. "Tapi kami bilang tidak bisa," katanya.

Dalam amendemen kontrak yang sedang disusun saat ini, tutur Sukhyar, pihaknya tetap mencantumkan seluruh investasi yang sedang dilakukan oleh semua perusahaan tambang agar bisa menjadi bahan pertimbangan bagi pemerintah baru. Hal ini dilakukan dalam kaitan dengan penghitungan pengembalian investasi yang biasanya melampaui masa akhir kontrak. Namun hal ini tidak menjadi jaminan bagi perusahaan tambang dalam memperoleh kelanjutan kontrak.

"Itu menjadi kewenangan pemerintah. Jika kontraknya hendak dihentikan, izinnya bisa diberikan kepada pihak lain yang siap menggantikan."

Senin lalu, Direktur Utama Freeport Indonesia, Rozik B. Soejipto, mengklaim telah mendapatkan kontrak baru dari pemerintah Indonesia. Kepastian perpanjangan izin tersebut diberikan sebelum masa kontrak karya berakhir pada 2021. Menurut Rozik, pembangunan fasilitas pemurnian mineral (smelter) merupakan langkah pertama untuk memperoleh perpanjangan kontrak. Selain membangun smelter. Freeport telah merintis eksplorasi pertambangan bawah tanah (underground) sejak 2006. Hal itu dijadikan poin kedua untuk menerima izin dari pemerintah.

Hingga 2019, kata Rozik, nilai total investasi Freeport mencapai US$ 8 miliar. Nilainya tersebut bertambah hingga US$ 15 miliar pada 2041 jika ada perpanjangan kontrak. Dengan dana tersebut, Freeport bisa menggarap tambang bawah tanah. Sebab, cadangan mineral yang bisa dieksploitasi di permukaan tanah sudah menipis. "Jadi, saat ini kami butuh kepastian," ucapnya.

 Sumber : Koran Tempo, 13 Agustus 2014

Terakhir Diperbaharui ( Jumat, 22 Agustus 2014 10:22 )