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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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- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
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