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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
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