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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
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- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
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