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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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Tuesday, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
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