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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, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
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