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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, 21 July 11
DRY BULK RATES EDGE FURTHER DOWN ON WEAK MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell once again on Wednesday marking the ninth straight day of losses. The industry’s benchmark, the Baltic Dry Index (BDI ...
Wednesday, 20 July 11
ANTWERP RECEIVES THE CAPESIZE MG COURAGE
The deepening of the Western Scheldt has made the port of Antwerp easily accessible not only to Ultra Large Container Ships of over 10,000 TEU but a ...
Wednesday, 20 July 11
KALIMANTAN GOLD APPOINTS COMMISSIONER TO SUBSIDIARY
Kalimantan Gold Corporation Limited has announced the appointment of Dr. Bambang Setiawan as Commissioner (a senior advisor) to the Board of PT Kali ...
Wednesday, 20 July 11
CHALLENGER GETS TABANG PROJECT IUP PERMIT
COALspot.com - Challenger Deep Resources Corporation has been getting exploration permit or Izin Usaha Pertambangan (IUP) for its Tabang coal in Eas ...
Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibilit ...
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- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
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