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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, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
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- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
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