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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, 19 May 11
INDONESIAN COAL EXPORTS DROP 7.98 PERCENT IN APRIL
COALspot.com - Indonesian coal exports dropped to 2.168 million tons in April, and up 7.13 percent on the year and 7.98 percent below March, a ...
Thursday, 19 May 11
OVERSUPPLY, VERY LARGE ORE CARRIERS EAT UP ON DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a brief upward momentum which ended early last week, the Baltic Dry Index, the dry bulk market’s benchmark has returned to its usual pat ...
Wednesday, 18 May 11
THE US COAL INDUSTRY LOGGED EXPORTS OF AROUND 25M TONNES IN 1Q OF 2011 - BRS
Another slow decline in the bulk markets this week, with the BCI losing the most at nearly 5%, the BPI 2.8% and the smaller sizes sub-1% amounts. Th ...
Wednesday, 18 May 11
AKR AIMS TO SELL COAL WORTH RP216 BILLION - PAPER
Bisnis Indonesia, an Indonesia's one of the leading business paper reported that, PT AKR Corporindo Tbk has targeted coal sales valued at Rp216 bil ...
Wednesday, 18 May 11
OVERHAUL OF MINING LAW MAY DETER INVESTMENT, S&P SAYS - THE JAKARTA GLOBE
The Jakarta Globe, an Indonesian English language news paper reported that, A report by Standard & Poor’s Ratings Services that a regulatory ...
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- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
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