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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, 17 August 11
TAVESCO KILLARA ENERGY TO ACQUIRE COAL CONCESSIONS IN EAST KALIMANTAN
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to ...
Wednesday, 17 August 11
SHIP OWNERS COULD FACE PAIN ON THE BACK OF GLOOMY ECONOMYS PREDICTIONS - HELLENIC SHIPPING
The latest market turmoil, coupled with the renewed risk of a global recession could very well signal more troubled times for ship owners of all shi ...
Tuesday, 16 August 11
CHALLENGER ENTERED INTO CSPA WITH PELANGI KERTANEGARA TO ACQUIRE 100% STAKE
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, P.T. Bestindo Energy, has exercised its option to purchase an a ...
Monday, 15 August 11
ADARO ENERGYS NET INCOME MORE THAN DOUBLES IN FIRST HALF 2011
COALspot.com - Indonesian’s second largest coal producer, Adaro Energy, booked net profit US$ 268 million in the first half 2011, rose two-fol ...
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- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
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