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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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Thursday, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
Thursday, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
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- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Planning Commission, India
- PTC India Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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