Reuters reported that although Indonesia is the world’s top exporter of thermal coal, every year over $5 billion worth of the fuel is mined illegally and as a result goes untaxed.
Reuters reported that although Indonesia is the world’s top exporter of thermal coal, every year over $5 billion worth of the fuel is mined illegally and as a result goes untaxed.
As quoted in the market news:
The gap between recorded and actual output has also attracted the attention of Indonesia’s top anti-graft agency the Corruption Eradication Commission (KPK).
A combination of export data from the Bureau of Statistics, using customs information, and consumption data from state electricity utility Perusahaan Listrik Negara PLNEG.UL, shows Indonesia’s total coal output at 451.9 million tons in 2012.
That is 56 million tons higher than production estimates from the energy ministry, which gathers its information from licensed companies and regional authorities.
“The question we’ve always asked is: ‘where’s the missing 50-to-60-something million?” said Pandu Sjahrir, commercial committee chairman for the Indonesian Coal Mining Association, which represents 125 coal firms including PT Adaro Energy (ADRO.JK) and PT Berau Coal (BRAU.JK).
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1740.59 | +1.95 | |
Silver | 19.31 | +0.17 | |
Copper | 3.50 | +0.07 | |
Palladium | 2079.50 | +58.50 | |
Platinum | 898.00 | +10.00 | |
Oil | 98.74 | +1.48 | |
Heating Oil | 3.67 | +0.03 | |
Natural Gas | 8.57 | +0.02 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured Industrial Metals Stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.