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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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Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
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- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- GMR Energy Limited - India
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