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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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Tuesday, 19 January 10
COAL FOR DOMESTIC USERS
While the government is already almost a year behind schedule in issuing regulations to implement the new mining law, mineral producers have been&nb ...
Tuesday, 19 January 10
RISING DEMAND FROM POWER FIRMS TO PUSH COAL PRICES
The resurgence of the Chinese economy, along with harsh winter conditions across the country, is likely to push coal prices up in the short term. In ...
Tuesday, 19 January 10
ESSAR'S MEGA ACQUISITION PLANS
India’s Essar Group has carved a mega plan that includes a slew of acquisitions and investments in assets across various businesses. CNBC-TV18 ...
Monday, 18 January 10
INDONESIA SHIPPED 15.90 PERCENT OF TOTAL COAL EXPORTS IN 2009 TO INDIA
COALspot.com (Indonesia): Indonesia, the world largest coal exporter, exported 19.07 percent of the total coal export in 2009 to China and 15. ...
Monday, 18 January 10
BHP TO SPEND $267 MILLION ON QUEENSLAND COKING COAL
BHP Billiton Ltd, the world’s largest mining company, will spend $267 million to accelerate development of the Caval Ridge mine and the Hay Po ...
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- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
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