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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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Monday, 26 April 10
COAL INDIA NEARS PORT DEAL WITH VIZAG STEEL - DNA
DNA India reported that, Coal India Ltd (CIL), the country’s largest coal producer, is close to signing a deal to acquire space at Vizag Steel ...
Sunday, 25 April 10
THE WAITING AT INDIAN PORTS FOR COAL VESSELS WAS QUITE NORMAL - VISTAAR
COALspot.com: The BDI remained unchanged this week and all other sectors also the change was not much.
The cape index continued to move up and wa ...
Saturday, 24 April 10
NTPC TO BUY COAL MINES IN KAZAKHSTAN - TELEGRAPH INDIA
Telegraph India reported that, NTPC Ltd plans to acquire coal mines and operate two thermal power plants in Kazakhstan.
“We are exploring t ...
Saturday, 24 April 10
CHINA'S COAL IMPORTS DOUBLE IN MARCH
China's General Administration of Customs said that the country imported 15.22 million tons of coal last month, more than double the amount it impo ...
Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
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- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Planning Commission, India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
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