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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, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
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- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
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