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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 02 June 10
PLN TO DEVOUR 133 PERCENT MORE COAL IN NEXT FIVE YEARS
The Jakarta globe reported that, State electricity company PT Perusahaan Listrik Negara will more than double the amount of coal it uses over the ne ...
Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
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- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
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