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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
N ...
Monday, 28 June 10
COLOMBIA WILL LIKELY EXPORT 80 MILLION TONNES OF COAL IN 2010
Best Colombia reported that, Mr Hernan Martinez energy and mines minister of Colombia told reporters that Colombia will likely export 80 million ton ...
Monday, 28 June 10
WESFARMERS' SEPT QTR COAL PRICE UP 11% - SMH
SMH reported that, Wesfarmers Ltd says it expects a 11 per cent increase in prices for metallurgical coal from its Curragh mine in Queensland in the ...
Saturday, 26 June 10
THE SUPRAMAX INDEX FOR S6 ROUTE WAS UP BY US$ 1091 PER DAY OR 5.7 PERCENT D-O-D -- VISTAAR
COALspot.com: The market appears to be steadying with all indices almost stabilizing and the drop much less than last two weeks.
The BDI softened ...
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- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- ICICI Bank Limited - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
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