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Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
 The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday that also would invest in infrastructure to support mining operations and reduce corporate taxes.
The new 40 percent tax on resoure profits targets industries that have grown rapidly as they've produced the raw materials that feed burgeoning Chinese and Indian manufacturing demand.
Mining royalties currently paid to Australian state governments do not reflect rising commodity prices. The government says mining profits rose by 80 billion Australian dollars ($74 billion) in the past decade, yet government revenues from resources increased by only AU$9 billion.
Andrew Forres, chief executive of Fortescue Metals Group Ltd., last week warned that higher taxes on mining could "kill the golden goose" that had kept Australia out of recession during the global economic downturn. Mine companies also say higher taxes would stifle investment in the resource sector and cost jobs.
Thetax overhaul Prime Minister Kevin Rudd proposes requires Parliament's endorsement to become law. It would introduce the so-called Resource Super Profits Tax in July 2012. The company tax rate would be cut from 30 percent to 29 percent in July 2013 and to 28 percent a year later.
The government forecasts tht the cut in company tax combined with the mining tax will increase Australia's gross domestic product by 0.7 percent a year.
"These changes will not be welcomed by every business or every interest group, but they are the considered, responsible changes we need if we are to turn our success during the gloal recession into enduring gains for our economy, our people and our nation," Rudd said in a statement.
Treasurer Wayne Swan told reporters he could not say whether tax legislation would be introduced to Parliament before national elections are held at a date to be set late this year.
Under the tax overhaul, resource-rich states would continue to reap mining royalties, but the federal government would refund those costs to mining companies before calculating their federal tax debt.
The tax would be levied on profits after all the costs of mining operations, capital investment and dividends to shareholders are deducted.
Marginally viable mine companies would potentially be better off in cases where the costs of extracting minerals barely cover royalty charges because of a price downturn or when the ore deposit is almost exhausted.
About AU$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Economic Council, Georgia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
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