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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
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- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- PTC India Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
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