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"Since 1986, Java has been closed to foreign investors in mineral sector. In the case of gold, the closing policy is strengthened by a presidential decree. For the economic point of view, this policy disadvantage the government to gain benefits concerning mineral resources, dead rent, royalty, taxes and direct job and business opportunities. The calculation of the total opportunity lost give a significant reasoning to the author to make recommendation to revoke mentioned policy. "

"Nowadays Indonesia is well known for its tin, copper, and coal. The mining activities has been started even before the colonial era as early as 17th century. The first post-independence Indonesian mining law was announced in 1960, however foreign capital law was just established in 1967. Since metal and coal have become important export commodities, the Government has tried to encourage mining industries by improving investment climate and a series of deregulation package has recently been made."

"It is well known that the Asia Pacific region is the focus on a global scale from the world's largest mining houses. Asia is indeed an exploration hot spot especially among the Australian and North American mining companies. Indonesia at present ranks close to or at the top position as preferred destination for mining investment combining a strong basis of geological prospective with conducive mining law, taxation imposts and low political risks to mineral exploration and development."

"In most respects, Indonesia has been quite successful under its system of Contract of Work, nevertheless it seems that there are still some inappropriate matters within CoW. This paper observes on CoW. It is hoped that it can reveal issues for input to formulate next CoW."

"Indonesia's economy has grown rapidly during the past five years, with the growth in GDP averages 6.9% a year over the period of 1989-1993. This achievement has helped to lift the annual income per-capita to US$880. The economic policy development has significant implications for the growth of the mining sector which is expected to increase in the coming years. Across the globe, countries are offering fiscal incentives for investment. Fundamental policies which have led our present achievements as well as those which have cause failures in the past are being assessed. Combined with the vision of the future, Indonesia is continuing to draw up the most fundamental principles of our next 25 year development."

"Because of the rapid changes in technology, money and capital markets and international competition, a mining law system that is appropriate to one period or one era may not be appropriate for other period or era. This paper will examine the mining laws and regulations whether the rule are still appropriate both for national and mining enterprises interest or not."

"Currently Indonesia gets an almost unprecedented investment boom in mineral exploration and development. One reason is the investment framework that the Government has established and implemented consistently over the past three decades. "

"Pemerintah Indonesia mengeluarkan undang-undang Pertambangan yang baru No.4 tahun 2009, Undang-undang Pertambangan Mineral dan Batubara (UU Minerba) di tanggal 12 Januari 2009. Undang-undang yang baru tersebut untuk mengganti Undang-undang Pertambangan No. 11 tahun 1967 tentang Ketentuan-ketentuan Pokok Pertambangan yang dianggap tidak lagi sesuai dengan perkembangan praktek Pertambangan di dalam negeri dan luar negeri. Pasal 169 dari UU Minerba yang baru, menyebutkan bahwa semua Kontrak Karya Pertambangan Batubara (PKP2B) harus mengikuti perubahan regulasi pertambangan yang baru dalam waktu satu tahun semenjak UU Minerba yang baru diundangkan. Mengacu kepada pasal tersebut, Pemerintah selanjutnya meminta negosisasi ulang PKP2B sehingga ketentuan-ketentuan dalam UU Minerba yang baru diakomodasi kedalam semua PKP2B. Setelah memerlukan waktu bertahun-tahun dalam proses negoisasi ulang PKP2B, Pemerintah Indonesia berhasil menerapkan amandement tersebut terhadapa semua PKP2B yang ada mulai 1 Januari 2018. Terdapat 6 isu strategis yang timbul selama proses negosiasi ulang tersebut, yaitu pertama, lisensi operasi tambang batubara yang berkaitan dengan keberlangsungan usaha pertambanganan batubara setelah konsensi PKP2B berakhir; kedua, kewajiban untuk pemrosesan barang tambang didalam negeri; ketiga, kewajiban untuk melakukan pembelian dalam negeri untuk material dan jasa; keempat, kewajiban divestasi yang sesuai dengan jumlah tahun operasi; kelima, luasan area konsesi mengikuti UU Minerba yang baru; keenam, penerimaan Negara dimana UU Minerba yang baru menyatakan PKP2B harus mengikuti peraturan Pajak yang sedang berlaku dengan segala konsekwensinya. Studi ini melakukan pengujian untuk melihat bilamana amandemen kontrak karya memiliki pengaruh yang merugikan terhadap performa Keuangan perusahaan-perusahan tambang barubara. Studi ini membanding performa Keuangan perusahaan-perusahaan tersebut untuk periode 3 tahun sebelum dan 2 tahun setelah amendmen tersebut diberlakukan. Mengambil sampel Perusahaan-perusahaan yang terdaftar di bursa effek Jakarta untuk dianalisa performa keuangannya selama 5 tahun terakhir dari 2015 hingga 2019. Kesimpulan dari studi ini menunjukkan bagaimana perusahaan-perusahaan tambang batubara merespon atas perubahan kebijakan Pemerintah tersebut dan selanjutnya memberikan saran kepada Pemerintah dalam melakukan perubahan kebijakan.

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Government Indonesia issued new mining law No. 4 tahun 2009, Undang-undang Pertambangan Mineral dan Batubara (UU Minerba) on 12 January 2009. This new mining law is to overrule Undang-undang Pertambangan No. 11 Year 1967 about Ketentuan-ketentuan Pokok Pertambangan which was considered no longer compatible with development of mining practices both domestic and international. Article 169 of new UU Minerba, cites that any existing Coal Contract of Work (CCoW) has to follow the new mining regulation within one year after UU Minerba issuance date. By referring to the article Government then called out for CCoW renegotiation so clauses in new UU Minerba accommodated into all CCoW. After taking several years in CCoW renegotiation, Government Indonesia has managed to impose the amendment to all CCoW by 1 January 2018. There are six strategic issues called out during the renegotiation consist of 1st. mining operation license which dealing with business continuity after CCoW period expired, 2nd. Domestic processing obligation to where Coal mining company has to establish coal processing in country, 3rd. Domestic purchase obligation for material and services, 4th. Percentage divestment obligation to fulfil according years of operation, 5th. Size of area concession where coal mining company only allow much lesser area concession for mining operation, 6th. State revenue under new UU Minerba required to follow prevailing tax law and its consequences. This study is to examine whether the amendment has significant unfavourable impact toward coal mining companies’ performance. The study compares their financial performance for the period of 3 years before and 2 years after coal contract of work applied. Taking sample from coal mining companies listed in Jakarta stock exchange to analysis financial performance for the period from 2015 to 2019. The finding from this study shows how coal industry responding the change in government regulation and further provides suggestion to Government in changing regulation. "

"ABSTRAKTesis ini membahas mengenai penguasaan Negara terhadap pertambangan yang merupakan salah satu hasil kekayaan alam terkandung di wilayah Negara kesatuan Indonesia. Penguasaan yang diberikan terhadap Negara merupakan amanat konstitusi pasal 33 ayat 3 UUD 1945 yang telah menjadi kesepakatan bersama seluruh rakyat Indonesia. Penafsiran terkait penguasaan Negara dalam hal ini, pemerintah memiliki kewenangan untuk mengatur, mengurus, dan mengawasi terhadap seluruh kegiatan pertambangan sejauh yang berda dalam wilayah Indonesia. Dalam hal pengaturan dimuat dalam undang-undang nomor 4 Tahun 2009 Tentang Mineral dan batubara yang kemudian diikuti peraturan-peraturan terkait lainnya yang berada dibawah undang-undang. Kemudian dalam hal pengurusan Negara terlibat sebagai pelaku usaha melalaui perusahaan Negara atau dikenal dengan Badan Usaha Milik Negara (BUMN). Selanjutnya dalam hal pengawasan dilakukan oleh Menteri, Gubernur dan Bupati/Walikota Sesuai dengan kewenangannya masing-masing yang diatur dalam pasal 140 (3) dan 141 Undang-Undang Nomor 4 Tahun 2009 Tentang Mineral dan Batubara. Selanjutnya dalam hal upaya peningkatan kesejahteraan masyarakat dapat dilakukan dengan program Community development, Corporate social responsibility (CSR), Sustainable development, Good Corporate Governace (GCG). Simpulan dari hasil penelitian ini, bahwa ketentuan undang-undang yang berlaku saat ini ternyata memiliki banyak permasalahan yang terjadi dalam penyelenggaraannya. Diantaranya terkait dengan perizinan yang sering tumpang tindih, kegiatan pertambangan yang illegal, penggelapan pajak oleh para pelaku usaha pertambangan, dan adanya ketentuan terkait divestasi saham bagi asing dalam jangka waktu tertentu. Dari permasalahan tumpang tindih perizinan maka penulis menyarakan agar dilakukan sebagaimana yang dimuat dalam undang-undang nomor 37 Tahun 1967 Tentang Ketentuan-ketentuan Pokok Pertambangan yang pernah berlaku di Indonesia.

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ABSTRACTThis thesis discus about the governance of nation on mining which has been one of natural wealth contained in the unitary state o Indonesia. The governance given to country is a constitutional mandate of article 33 paragraphs 3 of the 1945 constitution which has been agreed by all Indonesian societies. Interpretations related to control of the State in this case, the government has the authority to manage, administer, and oversee the entire drift mining activities in the region as far as Indonesia. In terms of the regulation contained in Law No. 4 Year 2009 on Mineral and Coal which is then followed by other relevant regulations under the legislation. Then in terms of the maintenance of the State involved as entrepreneurs through State company, known as State Owned Enterprises (SOE). Furthermore, in terms of supervision by the Minister, Governor and Regent / Mayor accordance with their respective authorities are set out in article 140 (3) and 141 of Law Number 4 Year 2009 on Mineral and Coal. Then in terms of improving the welfare of the community can be actualized with the Community development, corporate social responsibility (CSR), Sustainable development, good corporate Governance (GCG). The conclusions from this research, that the provisions of law applicable at this time have many problems that occur in its implementation. Some of them were related to licensing that often overlap, illegal mining, tax evasion by businesses of mining, and the provisions relating to foreign divestment within a certain timeframe. Overlapping of the licensing issues, the author advised that done as contained in Law No. 37 Year 1967 About Basic Provisions of Mining ever in Indonesia."