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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 22 January 10
ENERGY ADVISORY COUNCIL MULLS - COAL EXPORT BAN
The National Energy Council, which advises the House of Representatives and the president on energy issues, has begun to debate a proposal to ban ex ...
Friday, 22 January 10
MERCATOR EYES MORE COAL MINES IN INDONESIA
India’s second-largest private shipping company Mercator Lines is looking at acquiring more coal mines in Indonesia as part of its strategy&nb ...
Friday, 22 January 10
BHAKTI ENERGI IN TALKS OVER COAL VENTURES IN KALIMANTAN
PT Bhakti Energi Persada, one of Indonesia’s biggest miners of brown coal, revealed on Thursday that it was in talks to form a joint venture w ...
Friday, 22 January 10
SHENHUA ENERGY 09 YIELDED 210MN TONS COMMODITY COAL
China Shenhua Energy Co., Ltd. yielded 210 million tons of commodity coal in 2009, hiking 13.2% year on year, the Chinese energy titan announced tod ...
Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 1 ...
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- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
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