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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, 14 September 11
GOVT SETS SEPTEMBER COAL REFERENCE PRICE AT $116.26 PER TON
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the September 2011 coal reference price at US$ 116.26 per ton slightly ...
Tuesday, 13 September 11
CAPITAL COSTS OF INDIAN COAL MINING PROJECT - AN ANALYST VIEW
By Mr Dipesh Dipu, Director - Consulting (Mining), Deloitte Touche Tohmatsu India Private Limited
The coal mining sector that has been opened par ...
Tuesday, 13 September 11
INDONESIAS COAL SECTOR EYES 2012 BOOM - JG
The Jakarta Globe, Indonesian English language News paper reported that, Coal production is set to surge next year as coal miners bolster their busi ...
Tuesday, 13 September 11
DRY BULK RALLY MAINTAINS MOMENTUM AT START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum at the start of the week, as the industry’s benchmark, the Baltic Dry Index (BDI) was up by 2.07% ...
Monday, 12 September 11
INDONESIAN GOVERNMENT HAS ALLOCATED MORE COAL FOR 2012
COALspot.com - Indonesian government has increased the domestic market obligation allocation to 82.07 million tons of coal for 2012, which is 4 perc ...
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- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- The University of Queensland
- PTC India Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
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