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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, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Romanian Commodities Exchange
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
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