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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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Tuesday, 06 September 11
INDONESIAS PROPOSED COAL EXPORT BAN MAY HAVE IMPACT ON THE INDIAN POWER SECTOR - DIPESH DIPU
COALspot.com - This is a special interview about Indonesian proposed coal export ban by 2014, with Mr. Dipesh Dipu, Director of Deloitte Touche Tohm ...
Tuesday, 06 September 11
SEMEN GRESIK TO ACQUIRE COAL MINE FOR RP. 1 TRILLION
COALspot.com - PT Semen Gresik Tbk (SMGR) is planning to acquire a low calorific value coal concession (IUP). According to Semen Gresik, the coal mi ...
Tuesday, 06 September 11
DRY BULK MARKETS RALLY POWERS THROUGH TO NEW WEEK, BUT A CORRECTION COULD BE OVERDUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s freights rates kept leaping forwards during the beginning of the week, with the industry’s benchmark, the Baltic D ...
Monday, 05 September 11
TNPL POSTPONES BID OPENING UNTIL 12 SEPTEMBER 2011
COALspot.com - TNPL has postponed submission of the offer until 12 September 2011 on request from the supplier, an Indian trader said.
Due to Ram ...
Monday, 05 September 11
INDONESIAN COAL BENCHMARK PRICE - ANALYSIS
Analyst : Sunil K Kumbhat
COALspot.com - As a part of the Government’s efforts to stop transfer pricing abuses which have resulted in the los ...
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- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Planning Commission, India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
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