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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 26 March 11
FLSMIDTH WINS MULTIMILLION DOLLAR MATERIAL HANDLING PROJECT IN INDONESIA
FLSmidth has signed a contract in Jakarta worth in excess of USD 135m (DKK 700m) with PT Adaro Indonesia, a subsidiary of PT Adaro Energy Tbk., to s ...
Saturday, 26 March 11
ADARO AIMS TO DOUBLE COAL PRODUCTION -THE JAKARTA POST
The Jakarta Post reported that, coal producer PT Adaro Indonesia is planning to soon boost its production capacity to 80 million tons annually, almo ...
Friday, 25 March 11
KNOWLEDGE INFRASTRUCTURE TO BAG 160,000 MT COAL SUPPLY ORDER FROM TNPL
COALspot.com - Delhi based Knowledge infrastructure Systems Pvt. Ltd offered lowest price of US$ 97.10 per metric ton for calorific value of 6000 GA ...
Friday, 25 March 11
THE CAPESIZE MARKET CONTINUED TO FALL - FEARNBULK
Handy
The Atlantic market remains stable with more activity from the Black Sea to Feast paying in the mid 20´s on supras.
The USG remain ...
Friday, 25 March 11
BORNEO ENERGI FY10 NET INCOME SOARS - INSIDER STORIES
Coking coal producer PT Borneo Lumbung Energi Tbk (BORN) booked a skyrocket net income by 499.72% from net loss position in 2009, as quoted by Insid ...
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- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
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