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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, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
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