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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 25 January 10
MINING GROUPS MAY SEEK JUDICIAL REVIEW OF 2009 LAW
Indonesia’s mining associations said on Wednesday that they planned to seek a judicial review of the 2009 Mining Law this year if they are una ...
Monday, 25 January 10
INDONESIAN GOVERNMENT TO ISSUE REGULATION FOR IMPLEMENTATION OF MINERAL AND COAL MINING BUSINESS ACTIVITIES LAW NO.4 / 2009 SOON
COALspot.com (Indonesia): The government regulation concerning implementation of mineral and coal mining business activities Law no.4 / 2009 is expe ...
Monday, 25 January 10
DUQM IWPP'S COAL REQUIREMENTS PROJECTED AT 3MT PER YEAR
Oman's first coal-fired Independent Water and Power Project (IWPP) planned at Duqm is envisaged to have a feedstock requirement of around 3 million ...
Monday, 25 January 10
THE FUTURES FOR CAPE, PANAMAX AND SUPRAMAX FOR THREE YEARS (2010 - 2012) WAS AT AROUND US$ 32,000, US$ 20,000 AND US$ 17,000 PER DAY RESPECTIVELY
COALspot.com ( Singapore): The freight market remained flat this week the market slight soft.
BDI INDEX
The BDI was down by 95 points and closed ...
Saturday, 23 January 10
COAL CAMARADERIE
Union coal minister Shriprakash Jaiswal feels Asian countries should join hands in developing minerals, particularly coal.
At the third Asian Min ...
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- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
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