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Arbitration Move Putting Newmont Behind Rivals

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Tito Sum ma Siahaan

Newmont Mining might regret its decision to have taken Indonesia to arbitration court with the Arizona-based miner now being left behind by its fellow miners in renegotiation talks with the Indonesian government.

Newmont said on Wednesday that it had withdrawn its arbitration claim against the Indonesia after "commitments from senior government officials to open formal negotiation to conclude a Memorandum of Understanding with [local unit] PTNNT [PT Newmont Nusa Tenggara] upon cessation of the arbitration claim."

That announcement concluded an ugly tug-of-war between the Indonesian government and NNT, which operates the Batu Hijau copper and gold mine in West Nusa Tenggara, on the mineral ore export ban.

The decision to take the export restriction issue to the international arbitration court was met with a strong response by the government.

Indonesia, through the Coordinating Minister for the Economy Chairul Tanjung, had suspended all talks with Newmont and countered with a threat of taking Newmont to a different international arbitration court.

During the process of making its ci aims against the Indonesian government, Newmont saw its fellow contract of works holders; including Freeport Indonesia, reach an agreement on the export policy and, possibly, a contract renegotiation.

Commenting on Newmont’s withdrawal, R. Sukhyar, the director general for coal and mineral resources, suggested that the government may have the upper hand in the renegotiation table with Newmont.

"We will press them," said Sukhyar on Wednesday, adding that the government is ready to resume talks with the miner.

The decision to take Indonesia to the International Center for Settlement of Investment Dispute undermined Newmont’s standing in the negotiation table, according to Hikmahanto Juwana, an international law professor at the University of Indonesia.

"If they want to, the government can strike back," said Hikmahanto. "But I do see that the government has displayed good intention on the issue. Furthermore, I do think that Newmont will lose in the case. It is because the export restriction was not discriminatory. It is applicable to all miners."

Syahrir AB, the executive director of the Indonesian Mining Association, also shares the same view, saying that the government had emerged as the stronger side in the aftermath of the debacle. "The government is indeed stronger, but they must also must be more responsible in finding a win-win solution."

 Source : JakartaGlobe, August 28, 2014

Terakhir Diperbaharui ( Jumat, 29 Agustus 2014 09:32 )
 

Newmont Told To Show Good Faith

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Raras Cahyafitri and Satria Sambijantoro

The government has asked copper miner PT Newmont Nusa Tenggara (NNT) to show its commitment to complying with the new Mining Law, before letting the firm resume its copper exports, despite the mining giant’s decision to withdraw its arbitration appeal.

NNT, a subsidiary of US-based Newmont Mining Corp., said late on Tuesday that it had decided to withdraw its arbitration appeal at the International Center for Settlement of Investment Disputes (ICSID) against the Indonesian government’s ore export ban.

It said the withdrawal decision was made as the government had promised to reopen negotiations with the company.

Although the announcement was made public through an official statement on its website, the company had not yet officially informed the government of the withdrawal.

“I’ve heard the news [of the arbitration withdrawal]. However, we haven’t received any evidence,” Energy and Mineral Resources Minister Jero Wacik explained on Wednesday.

NNT filed the arbitration appeal in July after the company had to cease its production as its copper concentrate exports were halted due to Indonesia’s ore export ban, which commenced on Jan. 12. The company also said the ban had violated its contract of work (COW).

The government deplored the arbitration appeal, particularly because the legal suit was put on the table when the renegotiations of NNT’s COW were ongoing.

Coordinating Economic Minister Chairul Tanjung said the arbitration appeal showed NNT was not acting in good faith with Indonesia after years of cooperation.

The government adopted an aggressive stance on the NNT arbitration, including a plan to file a counter arbitration appeal at a different court.

The preparation of a legal team to fight NNT has also been performed. The Finance Ministry has issued a regulation on hiring legal consultants to challenge the arbitration.

“The regulation lays out how to obtain the best lawyers. However, we’re still unsure about the current developments. It will be good if the arbitration is withdrawn,” Finance Minister Chatib Basri said, admitting that NNT had not sent an official note to the government.

The government is in talks with mining companies to renegotiate a number of issues in COWs and adjust them to the new 2009 Mining Law.

The renegotiation covers six main issues: adjustments in royalties, divestment, mining size, continuity of operation post contract expiry, an obligation to process and refine minerals in domestic facilities, as well as the obligation to use local goods and services.

The renegotiations with Newmont were immediately halted following the filing of the arbitration.

The process would be resumed only after NNT officially informed the government of its withdrawal, the Energy and Mineral Resources Ministry’s director general for minerals and coal, R. Sukhyar, said on Wednesday.

“In previous talks, the government and NNT have not reached agreement on a number of issues, including the increase in royalties and clarity over its plan to supply concentrate to Freeport Indonesia’s smelter,” Sukhyar said.

A surety bond of US$25 million, as previously promised, is also required, as a guarantee that NNT is serious about the construction of a smelter.

NNT’s exports will be resumed if the company and the government reach a deal on a memorandum of understanding (MoU) highlighting the principles for COW amendment.

“The signing of an MoU with the government would be followed by the safe ramping up of copper concentrate production and exports from Batu Hijau,” NNT said in a statement.

If the company concludes the MoU this September, it will have an export quota of 270,000 tons of copper concentrate until December, according to Sukhyar.

 Source : The Jakarta Post, August 28, 2014

 

Newmont Told To Show Good Faith

Surel Cetak PDF

Raras Cahyafitri and Satria Sambijantoro

The government has asked copper miner PT Newmont Nusa Tenggara (NNT) to show its commitment to complying with the new Mining Law, before letting the firm resume its copper exports, despite the mining giant’s decision to withdraw its arbitration appeal.

NNT, a subsidiary of US-based Newmont Mining Corp., said late on Tuesday that it had decided to withdraw its arbitration appeal at the International Center for Settlement of Investment Disputes (ICSID) against the Indonesian government’s ore export ban.

It said the withdrawal decision was made as the government had promised to reopen negotiations with the company.

Although the announcement was made public through an official statement on its website, the company had not yet officially informed the government of the withdrawal.

“I’ve heard the news [of the arbitration withdrawal]. However, we haven’t received any evidence,” Energy and Mineral Resources Minister Jero Wacik explained on Wednesday.

NNT filed the arbitration appeal in July after the company had to cease its production as its copper concentrate exports were halted due to Indonesia’s ore export ban, which commenced on Jan. 12. The company also said the ban had violated its contract of work (COW).

The government deplored the arbitration appeal, particularly because the legal suit was put on the table when the renegotiations of NNT’s COW were ongoing.

Coordinating Economic Minister Chairul Tanjung said the arbitration appeal showed NNT was not acting in good faith with Indonesia after years of cooperation.

The government adopted an aggressive stance on the NNT arbitration, including a plan to file a counter arbitration appeal at a different court.

The preparation of a legal team to fight NNT has also been performed. The Finance Ministry has issued a regulation on hiring legal consultants to challenge the arbitration.

“The regulation lays out how to obtain the best lawyers. However, we’re still unsure about the current developments. It will be good if the arbitration is withdrawn,” Finance Minister Chatib Basri said, admitting that NNT had not sent an official note to the government.

The government is in talks with mining companies to renegotiate a number of issues in COWs and adjust them to the new 2009 Mining Law.

The renegotiation covers six main issues: adjustments in royalties, divestment, mining size, continuity of operation post contract expiry, an obligation to process and refine minerals in domestic facilities, as well as the obligation to use local goods and services.

The renegotiations with Newmont were immediately halted following the filing of the arbitration.

The process would be resumed only after NNT officially informed the government of its withdrawal, the Energy and Mineral Resources Ministry’s director general for minerals and coal, R. Sukhyar, said on Wednesday.

“In previous talks, the government and NNT have not reached agreement on a number of issues, including the increase in royalties and clarity over its plan to supply concentrate to Freeport Indonesia’s smelter,” Sukhyar said.

A surety bond of US$25 million, as previously promised, is also required, as a guarantee that NNT is serious about the construction of a smelter.

NNT’s exports will be resumed if the company and the government reach a deal on a memorandum of understanding (MoU) highlighting the principles for COW amendment.

“The signing of an MoU with the government would be followed by the safe ramping up of copper concentrate production and exports from Batu Hijau,” NNT said in a statement.

If the company concludes the MoU this September, it will have an export quota of 270,000 tons of copper concentrate until December, according to Sukhyar.

 Source : The Jakarta Post, August 28, 2014

 

Kekalahan Renegosiasi Kontrak Karya

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Fahmi Alfansi Pane

Tenaga Ahli DPR RI, Alumnus Pascasarjana Universitas Pertahanan Indonesia 

Ringkasan nota kesepahaman (MoU) hasil renegosiasi Kontrak Karya (KK) menunjukkan kekalahan dan risiko kerugian bangsa Indonesia hingga puluhan tahun mendatang. Kekalahan terjadi dalam renegosiasi dengan perusahaan tambang asing berskala besar, seperti dengan Vale dan Freeport.

Pemerintah kalah pada isu-isu krusial, yakni klausul-klausul yang mendeterminas! seluruh kegiatan pertambangan dan secara langsung memengaruhi kedaulatan dan kepemilikan bangsa Indonesia atas sumber daya (resource) dan hasil tambang.

Sekurang-kurangnya ada empat isu krusial tersebut, yakni (1) divestasi saham kepada peserta Indonesia, (2) peluang perpanjangan kontrak, (3) penerimaan negara, seperti royalti dan pajak, dan (4) pembangunan smelter. Namun, dalam kasus Vale, smelter bukan persoalan serius karena pabrik pengolahan dan peleburan dibangun sejak tahun 1973.

Mengenai MoU dengan PT Vale Indonesia (dulu Inco), Dirjen Minerba Sukhyar menyatakan Vale hanya wajib mendivestasi lagi 20% saham agar memenuhi kewajiban divestasi 40% karena sudah melantai di bursa dan sahamnya dimiliki oleh publik (Bisnis Indonesia, 26 Agustus).

Vale juga diberi perpanjangan operasi hingga 2045 asalkan berkomitmen membangun smelter senilai US$2 miliar. Vale bersedia menaikkan royalti nikel matte dari tarif saat ini 0,9% menjadi 2%. Selain itu, Vale akan menciutkan lahannya, menggunakan barang dan jasa domestik, dan komitmen pengolahan bijih nikel menjadi nikel matte (Kontan, 25 Agustus).

Mengenai kewajiban divestasi saham 20%, pejabat tersebut keliru ketika menyatakan saham Vale sudah dimiliki oleh publik. Dari Laporan Tahunan 2013 PT Vale Indonesia Tbk. halaman 65 terlihat dari 20,49% saham publik, hanya sebagian kecil yang dimiliki oleh BUMN, seperti PT Jamsostek, serta perusahaan swasta dan individu Indonesia.

Sebagian lainnya justru dimiliki oleh swasta asing yang berkedudukan di luar negeri, seperti BP2S Luxembourg, JP Morgan Chase Bank, dan Citibank New York. Padahal, ketentuan dalam UU Pertambangan Mineral dan Batubara Pasal 112 dan Pasal 169 untuk penyesuaian pasal-pasal dalam KK dengan UU Minerba, serta ketentuan PP Nomor 24/2012 Pasal 97 bermakna perusahaan asing pemegang KK harus didivestasi kepada peserta Indonesia tidak boleh kurang 51 % dari seluruh saham pada tahun kesepuluh dari sejak produksi.

Itu artinya sekurang-kurangnya 51 % saham PT Vale Indonesia sudah harus dimiliki pemerintah pusat, pemda, BUMN, BUMD dan atau swasta nasional pada 2006 karena KK Vale telah diperpanjang sejak 15 Januari 1996. Tafsir lain, tenggat divestasi 51% adalah 2018 merujuk pada permulaan pemberlakuan ketentuan dalam KK perpanjangan sejak 1 April 2008.

Dalam isu divestasi saham, kekalahan kita terjadi pada tiga hal. Pertama, jumlah saham yang didivestasikan baru mencapai 20%. Kedua, pelaksanaan divestasi telah melewati tenggat waktu minimal sepuluh tahun jika dihitung dari waktu KK perpanjangan. Ketiga, hanya sebagian kecil saham yang didivestasikan memenuhi kriteria peserta Indonesia.

Kekalahan Pola Pikir

Keempat, yang paling tragis adalah kekalahan dalam pola pikir dan sikap mental pejabat Indonesia. Mereka tidak menganggap tiga kekalahan beruntun tersebut sebagai risiko strategis bagi kedaulatan negara, perekonomian nasional dan keuangan negara.

Mereka malah menyiapkan perubahan PP agar perusahaan tambang asing tetap menjadi pemegang saham mayoritas. Padahal, Vale menyatakan "perkiraan cadangan mineral dilaporkan atas dasar kepemilikan 100%" (Laporan Tahun 2013 PT Vale hal. 132).

Hal itu menafikan Pasal 33 Ayat 3 UUD 1945dan cita-cita putra-putri bangsa untuk menguasai, memiliki dan mengusahakan kekayaan alamnya untuk sebesar-besar kemakmuran rakyat.

Mengenai perpanjangan kontrak Vale, pejabat pemerintah mengisyaratkan dapat meluluskan permintaan dua kali sepuluh tahun perpanjangan KK saat ini yang akan berakhir 28 Desember 2025. Ini berarti grup Vale Canada dan Vale Japan Limited (pemegang 59,28%) dan grup Sumitomo (20,23%) berpeluang menguasai tambang nikel yang meliputi tiga provinsi di Sulawesi hingga tahun 2045. Risiko strategis serupa juga muncul dalam rencana perpanjangan KK Freeport minimal hingga tahun 2041.

Mengenai royalti dan pajak, Indonesia juga kalah dalam renegosiasi. Pejabat pemerintah menyatakan tarif royalti Vale naik dari 0,9% menjadi 2%, Namun, Laporan Tahunan 2013, baik laporan PT Vale Indonesia maupun Vale SA (entitas pengendali utama global) justru berbeda. Dalam laporan PT Vale, biaya royalti dan lisensi hanya 0,8% dari total biaya penjualan (hal. 125).

Sementara itu, Vale SA menyatakan pembayaran royalti berbasis volume penjualan yang pada tahun 2013 sekitar 0,68% dari hasil penjualan nikel matte. Bahkan, dari 2010-2013 rata-rata royalti adalah 0,63% (hal. 75). Oleh karena laporan Vale bersifat terbuka, maka pemerintah perlu memperbaiki profesionalitas dan sistem pendukung keputusannya.

Kapabilitas intelijen juga perlu ditingkatkan karena volume pengiriman PT Vale kepada Vale Canada dan Sumitomo selalu lebih tinggi daripada produksinya. Mereka beralasan itu untuk mengimbangi penurunan harga jual tahun 2013 (hal. 49). Namun, tren itu sudah terjadi sekurang-kurangnya sejak 2009. Hal ini mengindikasikan Vale mempunyai persediaan produksi yang tidak tergambarkan dalam laporannya.

Situasi ini berisiko bagi penerimaan negara karena royalti dibayar berbasis penjualan atau dalam istilah Vale disebut sebagai pengiriman/pengapalan. Risiko penerimaan pajak juga muncul karena seluruh produksi dijual" kepada entitas induk.

 Sumber : Bisnis Indonesia, 28 Agustus 2014

Terakhir Diperbaharui ( Jumat, 29 Agustus 2014 08:17 )
 
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