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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
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