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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, 23 September 11
ICMA TO BUILD UPGRADE FACILITIES TO ANTICIPATE BAN ON LOW-GRADE COAL EXPORT BY 2014
COALspot.com - January to August of this year, Indonesia’s coal production had already reached 235 million tons. Earlier estimates had targete ...
Friday, 23 September 11
UT TO PRODUCE 7 MMT OF COAL BY 2012
PT United Tractors Tbk is targeting a 7 million tons of coal production next year, a 55.55% increase from 4.5 millions targeted this year, said Pres ...
Friday, 23 September 11
RECORD RECYCLING ACTIVITY STIRS OPTIMISM IN DRY BULK SAYS BIMCOS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected at the start of the year, dry bulk ship owners were expected to flock scrapyards around the world, in order to take advantage of attract ...
Friday, 23 September 11
PANAMAX EXPERIENCED A SOFTENING IN RATES - FEARNLEYS AS
Handy
Still a good boost of fresh cargoes entering the market. Vessels in Black Sea with GOA clearance and Baltic positions are fetching tick abov ...
Wednesday, 21 September 11
INDIA'S COAL IMPORTS FROM INDONESIA FALL, CHINA BUYS MORE
COALspot.com - Indian coal imports from Indonesia fall to below 6 million tons in August, and this fall was continuing last few months. Ho ...
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- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
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