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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 30 April 11
BUKIT ASAM PROFIT HAS JUMPS 108 PERCENT IN Q1, 2011
The Indonesian state-controlled coal miner PT Bukit Asam Tbk (PTBA) reported a 108.07 percent jump in net profit during the first three months of 20 ...
Saturday, 30 April 11
THE PANAMAX WAS THE BIGGEST GAINER
COALspot.com - The freight market appeared to recover slightly after the Easter holidays. However they market may not move up much and likely to mai ...
Friday, 29 April 11
KOMIPO ISSUES TENDER FOR 710,000 MT OF LCV & HCV COAL
COALspot.com - Korea Midland Power Co. Ltd (KOMIPO) has issued a spot supply tender for supply of total 710,000 MT of thermal coal for delivery betw ...
Friday, 29 April 11
HARUM EYES IDR 2.58 TRILLION COAL TAKEOVER
PT Harum Energy Tbk (HRUM), that is controlled by Indonesian tycoon Kiki Barki, is poised to spend Rp 2.58 trillion (approximately US$ 301.296 mln) ...
Friday, 29 April 11
CHINA'S IMPORTS 27 PERCENT LESS COAL IN Q1 2011 - ICAP SHIPPING
ICAP Shipping reported that, China's coal imports in the first quarter were some 27% down on a year ago at 32.3 Mt (2010: 44.4 Mt). Part of the rea ...
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- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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