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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, 19 March 10
COAL INDIA TO HIT CAPITAL MARKETS IN JULY
India’s largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said ...
Thursday, 18 March 10
COAL IMPORTS SOAR IN NANTONG PORT OF JIANGSU PROVINCE CHINA
BloombergUTV reported that, Coal imports at Nantong Port, located in coastal China's Jiangsu Province, soared 13 times to 581,000 tonnes in the fir ...
Thursday, 18 March 10
INNER MONGOLIA TO CAP COAL OUTPUT AT 700 MLN TONS IN 2010
Alibaba / China Knowledge reported that, Inner Mongolia, China's northern border autonomous region, plans to control coal output at 700 million ton ...
Thursday, 18 March 10
THE INDIAN MARKET WAS QUIET, BUT BECAUSE OF THE TIGHT TONNAGE SITUATION STILL FIRM - FEARNLEYS AS
Handy
Activity continues to be solid in the Atlantic.
Supramax physical market is strong which pushed the BSI to a 17 month high at ...
Thursday, 18 March 10
INDONESIAN COAL PRODUCTION EXPECTED TO BEAT EARLIER FORECAST
The Jakarta Globe reported that, the government expects coal output this year to exceed its initial projection of 250 million metric tons as the dri ...
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- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
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