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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Anglo American - United Kingdom
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