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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 February 10
COAL MINERS FACE SHUTDOWN OVER RECLAMATION FUNDING
Three coal mining companies may be forced to temporarily stop operations this year if they fail to provide funding for a site-reclamation program.
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Thursday, 18 February 10
DECOUPLING FROM OIL PRICES ON STRONG GLOBAL ENERGY DEMAND
A recent coal market conference in Singapore focused on two main issues –— the demand for coal as a source of energy, and coal pricing.& ...
Thursday, 18 February 10
INDONESIA TO INVITE BIDS FOR $1.5 BLN COAL RAILWAY IN MAY
Indonesia plans to invite investors to bid for contracts to build a $1.5 billion coal railway line in Central Kalimantan, a planning ministry offici ...
Thursday, 18 February 10
INDONESIA ZONING RULE THREATENS MINING - INDUSTRY
Reuters reported that, confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to ...
Wednesday, 17 February 10
LAND OVERLAPPING UNAVOIDABLE
Land overlapping issues in the mining industry is unavoidable due to the availability of mineral, coal, and oil resources which are often located be ...
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- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Binh Thuan Hamico - Vietnam
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- Central Electricity Authority - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
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- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
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- White Energy Company Limited
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- Trasteel International SA, Italy
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- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
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- SMG Consultants - Indonesia
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- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
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- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
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- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
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- Eastern Energy - Thailand
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- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
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- Jaiprakash Power Ventures ltd
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- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Petron Corporation, Philippines
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- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
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