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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, 26 March 10
CHINA PLANS TO INCREASES IMPORT COAL GREATLY IN 2010
– Asia Pacific Coal Trading & Investment Outlook 2010-
COALspot.com (Press Release): China plans to increase coal import significantly ...
Friday, 26 March 10
NTPC IN TALKS FOR INDONESIAN MINE - LIVE MINT
The deal for the coal mine with 1.8 bn tonnes of reserves may be valued at $1 bn
Live Mint reported that, State-run power utility NTPC Ltd is in ta ...
Friday, 26 March 10
ESSAR GROUP SIGNS DEAL FOR INDONESIAN COAL MINE - BUSINESS LINE
Looking ahead
The coal from the Indonesian mine would provide raw material to the group's power projects
The Aries coal mines acquired by the gro ...
Thursday, 25 March 10
CHINA RAILWAY WINS $4.8 BILLION INDONESIA PROJECT - BLOOMBERG
Bloomberg reported that, China Railway Group Ltd. won a $4.8 billion order from PT Bukit Asam, Indonesia’s state-owned coal producer, for a co ...
Thursday, 25 March 10
INDIAS MAHARASHTRA SEEKS TO IMPORT 3.35 MILLION TONS OF COAL - BLOOMBERG
Bloomberg reported that, Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, is seeking 3.35 m ...
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- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
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