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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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Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
Friday, 19 August 11
INDIA IMPORTS LESS INDONESIAN COAL THAN CHINA IN JULY
COALspot.com - Indonesia shipped 31.30 Million tons of coal in July 2011, up by 10.69 percent compared to June's export of about 28.27 ...
Thursday, 18 August 11
INDONESIAS PROPOSED LOW GRADE COAL EXPORT BAN WILL NOT HAVE A SIGNIFICANT IMPACT ON INDIA - MISWIN MAHESH
COALspot.com - The Indonesian government is currently in the process of drafting a new regulation that could ban the export of low-grade coal by Jan ...
Thursday, 18 August 11
MARUBENI ACQUIRED 42.86% OF YTL JAWA POWER
COALspot.com - Marubeni Corporation (Marubeni) has completed the acquisition of 42.86 percent of the shares of YTL Jawa Power Holdings BV from YTL P ...
Wednesday, 17 August 11
CME LAUNCHES ARGUS COKING COAL SWAP FUTURES
COALspot.com - Argus media reported that, leading exchange CME Group will list an Australian coking coal swap futures contract for trading on the Ny ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
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