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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 February 10
BANPU PROFITS SURGE BY 54% TO RECORD B14BN ON BRISK SALES
Banpu Plc, Asean's largest coal miner, said its earnings surged to a record high of 14.23 billion baht last year, an increase of 54% on the previou ...
Thursday, 25 February 10
INDO / INDIA COAL TRIPS SUPRAS CAN ACHIEVE AROUND MID 10S - FEARNLEYS AS
Handy
The BSI regained positive momentum exactly a week ago and the Atlantic rema ...
Thursday, 25 February 10
STEEP RISE IN COAL IMPORTS REQUIRED TO POWER INDIA - MONEYLIFE
The power ministry has estimated coal imports of 48 million tonnes in FY10-11, sharply higher than the expected imports of 28mt in the current fisca ...
Wednesday, 24 February 10
CHINA IMPORTED 8.81 MLN TONS OF INDONESIAN COAL IN JANUARY 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons of coal last month, compared with 27.46 million tons in a ...
Tuesday, 23 February 10
TRENDS..... DRY BULK MARKET .... TRENDS
The dry bulk market was pulled along by the Capes this week, as fresh enquiry breathed temporary life back into the market. Short period rates also ...
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- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
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