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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low ...
Friday, 28 May 10
INDIAS NEYVELI LIGNITE EYEING INDONESIA, SOUTH AFRICA COAL MINES
Integrated mining and power producer Neyveli Lignite Corporation Thursday said it is exploring possibilities for buying coal mines in Indonesia and ...
Friday, 28 May 10
ADARO ACQUIRES 25% ICP AT US$ 335 MIO
Indonesia's second largest thermal coal miner PT Adaro Energy Tbk (ADRO) today announces formation of new joint venture for Indonesian Coal Project ...
Thursday, 27 May 10
KPCL IS LOOKING FOR 0.50 MLN TON TO IMPORTED STEAMING COAL FOR RAICHUR THERMAL POWER STATION
COALspot.com: KARNATAKA POWER CORPORATION LIMITED, India invited from reputed parties meeting the pre qualifications stipulated for the import ...
Thursday, 27 May 10
TNPL TO BUY 0.240 MLN TON NON-COKING COAL FOR SECOND HALF OF 2010
COALspot.com: Tamil Nadu Newsprint and Papers Limited (TNPL), would like to procure 0.24 mln MT of imported Non-Coking Coal in 6 Shipments of about ...
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- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- White Energy Company Limited
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
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