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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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Wednesday, 21 September 11
2ND ANNUAL SHALE GAS SUMMIT
2nd Annual Shale Gas Summit 31 October – 3 November 2011 JW Marriott Hotel, Hong Kong
According to a recent EI ...
Tuesday, 20 September 11
MTD INAUGURATES ITS COAL TERMINAL IN JAVA ISLAND
Press Release – MTD Group of Malaysia, one of prominent key players in the development of infrastructure in Malaysia, today inaugurated their ...
Tuesday, 20 September 11
DRY BULK MARKET LOSING ITS EDGE, RETREATING AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a surge during the past couple of weeks, which saw Capesize earnings boosted and the BDI (Baltic Dry Index) reaching levels of year high and c ...
Monday, 19 September 11
CHINA IMPORTS MORE THAN 10 MMT INDO COAL IN AUGUST 2011
COALspot.com - Indonesian coal exports dropped 1.642 million tons in August compared to July exports. Indonesia exports 29.662 million tons of coal ...
Monday, 19 September 11
INDOMOBIL ENTERING INTO COAL MINING BUSINESS
COALspot.Com- PT Indomobil Sukses Internasional Tbk, part of, one of Indonesia's largest conglomerates, to enter into mining industry ac ...
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- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
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