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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 22 April 10
INDONESIAN COAL PRICE REFERENCE FOR MARCH 2010 - US$ 86.64/T
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has begun publishing a monthly coal price reference (HBA) to be use ...
Thursday, 22 April 10
NEED TO IMPORT 82 MT COAL IN FISCAL - INDIA COAL MIN
Indian Express reported that, anxious to bridge the ever-widening gap between the rising demand for coal and its inadequate supply, the Coal Ministr ...
Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain f ...
Thursday, 22 April 10
INDIA'S BORL SEEKS TO BUY INDONESIAS LOW - SULFUR COAL
COALspot.com: Bharat Oman Refineries Ltd, a joint venture company (promoted by Bharat Petroleum Corporation Ltd, India and Oman Oil Company Lt ...
Wednesday, 21 April 10
INDONESIA SHIPPED 13.24 PERCENT MORE COAL IN MARCH THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 27,615,191 MT of coal in March 2010, compare to 24.38 million tons in January and ...
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- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
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