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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 18 September 11
THE COAL IMPORTS TO INDIA, OUT OF INDONESIA LIKELY TO PICK UP - CAPT. REDDY
COALspot.com - The freight market continued the upward trend until midweek almost touching 2,000 points, however towards second half of the week the ...
Saturday, 17 September 11
GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE FOR US$ 1.26 BILLION
COALspot.com - GVK group, India’s leading infrastructure developer,confirmed arrangements for the acquisition of a strategic part of large, hi ...
Saturday, 17 September 11
INDIA'S GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE PROJECTS IN AUSTRALIA
COALspot.com - GVK group, India’s leading infrastructure developer, today confirmed arrangements for the acquisition of a strategic part of la ...
Friday, 16 September 11
DELTA DUNIA MAKMUR REMOVED 30.9 MILLION BCM OVERBURDEN IN AUGUST 2011
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 30.9 million bcm (+13.2% YoY) overburden in August 2011 while coal production was at 2.9 ...
Thursday, 15 September 11
RUSSIAN COAL EXPORTS UP 10.9% IN JAN-AUG TO 71.50 MILLION TONS - PORT NEWS / HELLENIC SHIPPING
Port News reported that, Coal exports from Russia in January-August 2011 grew by 10.9% compared with the same period last year, to 71.50 million ton ...
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- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
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