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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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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Maheswari Brothers Coal Limited - India
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- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
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- CNBM International Corporation - China
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- Edison Trading Spa - Italy
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- Metalloyd Limited - United Kingdom
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- Singapore Mercantile Exchange
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- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
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- Sindya Power Generating Company Private Ltd
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- McConnell Dowell - Australia
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- Sical Logistics Limited - India
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- Alfred C Toepfer International GmbH - Germany
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- Pipit Mutiara Jaya. PT, Indonesia
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- Bukit Makmur.PT - Indonesia
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- Indogreen Group - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
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- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
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- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
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- Thai Mozambique Logistica
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- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
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