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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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Wednesday, 17 February 10
JORONG COULD COST BANPU 5%
Banpu Plc, Asean's biggest coal miner, forecasts a 5% drop in revenue if its suspended coal mine in Indonesia is closed for one year, says presiden ...
Wednesday, 17 February 10
RUSSIA KRU JAN COAL EXPORTS DOWN 4 PCT
Kuzbassrazrezugol, Russia's second largest steam coal producer, exported 1.859 million tonnes of coal last month, down 80,000 tonnes or 4 percent f ...
Wednesday, 17 February 10
VEDANTA SET FOR PORTS ENTRY WITH VIZAG TENDER
Vedanta, along with Leighton Contractors India, quoted a revenue share of 38.1% to win the 30-year contract
Mining and metals conglomerate Vedant ...
Tuesday, 16 February 10
TRENDS DRY BULK MARKET ... TRENDS - BRS
The start of the Chinese New Year had an immediate impact on rates and for once all the dry bulk segments lost similar ground.
The BDI fell 5%, a ...
Tuesday, 16 February 10
LAW POSES THREAT TO INDONESIA'S COAL INDUSTRY
A zoning law could cost coal miners billions of dollars this year alone, hurt investment in the industry and disrupt the supply of the fuel to the c ...
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- Marubeni Corporation - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
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