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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 30 September 11
MINING BILL CLEARED, FIRMS TO SHARE 26% PROFITS WITH LOCALS - NDTV
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing ...
Friday, 30 September 11
INDIAN IRON ORE MARKET GETTING ACTIVE - FEARNLEYS AS
Handy
The Atlantic market continued its strong trend with fresh cargoes entering the market. Vessels open US Gulf fixed tick above US$ 27k back to t ...
Friday, 30 September 11
KRISHNAPATNAM PORT WINS GLOBAL PORT & COAL PORT OF THE YEAR AWARDS
COALspot.com - Krishnapatnam Port, a dynamic new generation world class port located in the East Coast of India has been adjudged the winner in the ...
Thursday, 29 September 11
INDONESIA'S MINERS FACE AN UNCERTAIN FUTURE - RUPERT WALKER
An evolving regulatory framework for the country's minerals industry could threaten its profitability and stifle investment.
The five-year surge ...
Thursday, 29 September 11
DRY BULK MARKET FALLS MID-WEEK, FURTHER DROP EXPECTED NEXT WEEK ON CHINA HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected by the Baltic Dry Index (BDI) retreated by 0.36% yesterday reaching 1,920 points, with the Capesize segment suffer ...
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- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
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