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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 01 March 10
166 MINING COMPANIES THREATEN ENVIRONMENT
Viva News reported that, the Indonesian Forum for the Environment (Walhi) of East Kalimantan reveals that 166 coal mining companies, which are curre ...
Monday, 01 March 10
IRON ORE PRICE NEGOTIATIONS - 80PCT HIKE SEEN BY CHINESE
China Knowledge quoted an insider from a large Chinese steel company said there will be a significant increase in steel prices in the next few month ...
Sunday, 28 February 10
SUPRAMAX CHARTER RATES FOR ONE YEAR IS AROUND US$ 19,000/20,000 PER DAY - VISTAAR SINGAPORE
COALspot.com : The freight market firmed up by almost 10 pct on Supramax and Handy size and about 7 pct on Panamax.
However it was interesting to ...
Sunday, 28 February 10
MINISTRY SEEKS TWO YEAR DELAY TO IMPLEMENT ENVIRONMENT LAW
The Jakarta Post reported that, The ministry of energy and mineral resources has proposed that the government postpone the implementation of the 200 ...
Sunday, 28 February 10
CONTINENTAL TARGETS COAL SALES FROM S AFRICA MINE IN Q2 - MINING WEEKLY
Mining weekly reported that, Junior coal explorer Continental Coal would start coal sales from its Vlakvarkfontein mine, in South Africa, in the sec ...
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- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
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