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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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Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
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- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Trasteel International SA, Italy
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
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