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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, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
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- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- The University of Queensland
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
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