Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Indonesia has decided to have its mining cake and eat it too, as the country, one of the world’s largest exporters of copper and coal, will start imposing a 20% tax on mining exports beginning next week.
Although lower than the 25% expected, the new tariff will have an impact on 14 mineral ore exports including copper, gold and nickel. The tax won’t apply to coal, but mining minister Jero Wacik told Reuters he was open to the idea in the future.
The mining tax comes just a few weeks after the country surprised the global mining community with a new rule, Government Regulation No. 24 of 2012, which compels all foreign mining companies to sell majority stakes in their mining operations to locals.
The government of Indonesia, southeast Asia’s largest economy, claims the tax is meant to help boost the domestic economy.
International miners with local operations, such as Brazil’s Vale SA (NYSE: VALE) and Freeport McMoran Copper & Gold Inc. (NYSE: FCX), won’t be happy. Neither will be foreign trading partners and energy-hungry nations, such as India.
Concerned with the effect the imposition on a coal tax will have on its country, India’s coal secretary, Alok Perti, said in early April “the government will take this up with Indonesia.”
Indonesia, with a population of 240 million, is the world’s premier thermal coal exporter and also a tin powerhouse.
5 Comments
Steve Roland Lusikooy
I’m steve, At this time, I was looking for investors to cooperate or take over the mine that I have, 500ha of land area, consisting of primary and secondary rock (the river).
For information, I have conducted tests to determine levels of Au in the laboratory for two samples, with the following results:
Sample code WHITE:
The results of measurements of I. 54.115 ppm
The results of measurements II. 58.550 ppm
The results of measurements III. 54.115 ppm
Sample Code YELLOW:
The results of measurements of I. 104.964 ppm
The results of measurements II. 104.964 ppm
The results of measurements III. 100.627 ppm
So that I can say at this point. If there are investors or companies interested in cooperation, please contact me directly at:
+6281325258867
+6285868851977
or
[email protected]
Marlboro_x17
I’m Janice Teh, and if this company is expanding they might be interested to buy properties in philippines which is good for mining, which is in masbate area that are known to be a producer of gold in philippines…if you there are some interested parties you may contact me at +639224721701
Antonio A Arias
Hello Janice – please send me a technical report to [email protected]
Thank you,
Antonio
Aliowhk
standard practice, Alberta government is also doing the similar thing, and so do the Australian government.
Overall, companies like Rio, Vale, BHP are making way too much windfall !!
Deddy
Available 20’000Ha Coal mines , Exploration status , hauling direct to open seas less then 30km, next to operating , AAA Indonesian coal mines,,
for information and inquiry :
+622168480000