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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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Sunday, 10 July 11
PTBA INCREASES SHARES IN COAL TRAIN PROJECT - TEMPO INTERACTIVE
TEMPO Interactive reported that, PT Tambang Batubara Bukit Asam (PTBA) is still studying the plan to buy 20 percent of shares in the PT Bukit Asam T ...
Sunday, 10 July 11
DRY BULK MARKET SHOWING SIGNS OF IMPROVEMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Stronger Capesize demand has helped propel the dry bulk market forward this week, with the Baltic Dry Index (BDI) ending yesterday’s session u ...
Sunday, 10 July 11
INDONESIAN BAYAN RESOURCES TO SUPPLY 100 MILLION TONS OF COAL TO INDIAN UNIVERSAL SUCCESS ENTERPRISES LIMITED
Coal miner PT Bayan Resources Tbk (BYAN), that is owned by Dato' Low Tuck Kwong, has entered into a conditional sales and purchase agreement to sup ...
Thursday, 07 July 11
BELOW 5100 COAL WILL BE BANNED FOR EXPORT BY 12 JANUARY 2014
COALspot.com - Indonesian government is in the process of drafting an amendment for government regulation 23/ 2010.
GR 23/2010 has issued to sup ...
Wednesday, 06 July 11
ATLAS RESOURCES TO OFFLOAD 17 PERCENT IPO - INSIDER STORIES
Coking and thermal coal miner PT Atlas Energi Resources aims to offload 17percent new shares of its enlarged capital after Eid-Fitri holidays, as qu ...
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- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
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