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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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Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
Thursday, 21 January 10
MEC IN TALKS WITH TATA POWER ON COAL - TRADE
The UAE's Middle East Coal is in talks to supply coal to Tata Power, India's biggest private sector power firm, from its new Indonesian operations ...
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- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Planning Commission, India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- The University of Queensland
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
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