Dalam update terbarunya, JP Morgan melalui analis JPM *Global Metals*Michael Jansen menyampaikan pandangan tentang wacana pembebanan pajak ekspor tambang sebagai sesuatu yang mungkin akan berakhir sebagai angin lalu dengan pembebanan yang ekstrim seperti diwacanakan. Pandangan yang kurang lebih sejalan dengan rilis riset terakhir S&P sebagaimana kami ungkapkan minggu lalu di bawah yang meragukan implementasi wacana dimaksud.
JPM Global Metals: *Indonesian rules on mining and exports are becoming increasingly fluid and tricky for the market to understand. On one hand, the government seems focussed on generating higher on-shore beneficiation/value-add to encourage greater revenue and jobs creation, yet on the other hand they are seemingly prepared to throw whole industries to the wall in the meantime; nickel ore exports and bauxite ore exports for example.* *The latest noises indicate that the government is serious about a 25% export tax on mining exports this year, increasing to 50% next year. Although details are vague, and likely to be watered-down by industry opposition, the impact could be severe on exports of copper concentrates, refined tin, copper cathode, bauxite, and nickel ores. The destination for the nickel and bauxite is largely China so we expect that Chinese firms will be most vigorous in their opposition'.* On Thu, Apr 12, 2012 at 10:39 AM, positif01 <positi...@gmail.com> wrote: > Dalam rilis laporan risetnya pagi ini (*Indonesia's Mining Regulations: > Will Official Rhetoric Tunnel Its Way To Implementation?*), lembaga > pemeringkat terwahid di dunia Standard & Poor's (S&P) menyatakan bahwa > sejumlah usulan regulasi baru akhir-akhir ini terkait pembebanan pajak dan > pembatasan ekspor produk pertambangan di Indonesia mustahil akan > diimplementasikan oleh Pemerintah Indonesia mengingat sejumlah kondisi, di > antaranya, sentralnya peran pemasukan dari pertambangan itu sendiri dalam > menstimulasi pertumbuhan ekonomi Indonesia dan prospek *sustainable growth > * ke depan yang menjadi acuan *investment grade* Indonesia. > > Lebih lanjut S&P menegaskan: > > *Miners in Indonesia can likely absorb royalty rate increases of five to > 10 percentage points without a material weakening in their credit profile. > Moderate levels of debt of most large coal companies and high > diversification of international mining companies should offset lower > profitability and cash flows from higher royalties.* > > > http://www.alacrastore.com/research/s-and-p-credit-research-Indonesia_s_Approach_To_Mining_Regulation_Execution_Is_Likely_To_Be_Pragmatic_Says_S_P_Report-957088 > -- > '+' > > Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo > > Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir > kuartal maks 500 *request */ diskresi kami. > > -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
