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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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Thursday, 18 March 10
COAL PILING UP AT EAST COAST PORTS ON RAKE SHORTAGE
Business Line reported that, more than three million tonnes (mt) of imported coal are awaiting evacuation at the east coast ports of Paradip, Visakh ...
Tuesday, 16 March 10
INDONESIA ROUND VOYAGES WERE GETTING BETWEEN HIGH TEENS - BRS
Another strong week for the bulk market and rates in all segments are now back above pre-Chinese New Year levels. Atlantic volumes remain robust, an ...
Tuesday, 16 March 10
MADHUCON GETS MINING LICENSE IN INDONESIA
Business-Standard reported that, PT Madhucon Indonesia, a subsidiary of the Hyderabad-based infrastructure company Madhucon Projects Ltd, has been g ...
Monday, 15 March 10
BOB KAMANDANU ON INDONESIAS PEAK COAL PRODUCTION, ENERGY SECURITY AND EXPORTS TO INDIA
Bob Kamandanu, the chairman of Indonesian Coal Producers Association (APBI), said the country has an estimated 50 to 70 years of coal reserves.
T ...
Monday, 15 March 10
CIL BOARD CLEARS 10 PROPOSALS FOR STRATEGIC PARTNERSHIP OR JVS
Economic Times reported that, Towards achieving a global footprint, state-owned Coal India (CIL) is eyeing strategic partnership or joint ventures w ...
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- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
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