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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, 11 March 10
THE INDIAN MARKET WAS A BIT QUIET BUT STILL FIRM - FEARNLEYS AS
Handy - Atlantic activity has kept its firm tendency throughout the week for handies, with Atlantic RV´s fixed in the USD.16000 region. With s ...
Thursday, 11 March 10
COAL PRICES SET TO RISE AMID CONFUSION OVER QUARTERLY SYSTEM
Trading room reported that, Coal prices are tipped to rise in coming months amid constrained supply and ongoing Chinese demand, and analysts are con ...
Wednesday, 10 March 10
PROTECTED FORESTS NOW UP FOR GRABS FOR MINING
The Jakarta Post reported that, the government has just issued two new regulations on forests, which could allow protected forests to be used for co ...
Tuesday, 09 March 10
REGULATION NO.23 OF 2010 CONCERNING IMPLEMENTATION OF NEW MINING LAW, PROVIDES MORE CLARITY ON OBTAINING A IUP
COALspot.com: Indonesian government has recently issued another regulation related to Law number 4 of 2009 concerning mineral and coal mining. Two r ...
Tuesday, 09 March 10
MINING LAW OPTIMIZES SECTOR
Law No. 4 / 2009 on Mineral and Coal Mining have given a new direction for the future of mining in Indonesia, including Domestic Market Obligation, ...
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- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- PTC India Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Planning Commission, India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
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