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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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Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
Thursday, 03 June 10
GOVT CONSIDERING IMPORT PARITY PRICE FOR DOMESTIC COAL
The government on June 1 said it is considering to price domestic coal on par with global rates, a move which may increase the cost of the raw mater ...
Wednesday, 02 June 10
SRI LANKA TESTS 1ST COAL POWER PLANT IN SEPT.
Sri Lanka will start testing its first 300 MegaWatt coal power plant in September with plans to connect it to the national distribution grid by Janu ...
Wednesday, 02 June 10
CHINA'S IRON ORE IMPORTS TO KEEP BEING THE BIGGEST FACTOR FOR DRY BULK FREIGHT RATES SAY READERS
With dry bulk freight rates staging a positive rally during most of May, the industry’s main benchmark, the Baltic Dry Index (BDI) has managed ...
Wednesday, 02 June 10
KIDECO TO PRODUCE 29.5 MILLION TONS OF COAL IN 2010
COALspot.com: Kideco to produce 29.5 million tons of coal in 2010 up 4.8 million or about 19 percent up from 2009 production. Kideco produced 24.7 m ...
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- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
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