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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 09 March 11
INDONESIA HAS SET THE MARCH 2011 INDONESIAN COAL REFERENCE PRICE FOR THERMAL COAL AT US$ 122.43 PER TON
COALspot.com - Indonesia’s Ministry of Energy and Mineral Resources has set the March 2011 Indonesian Coal Reference Price for thermal c ...
Tuesday, 08 March 11
US$ 8 BILLION WORTH OF INFRASTRUCTURE PROJECTS IN PIPELINE IN INDONESIA - WOOD MACKENZIE
India’s Increasing Demand for Thermal Coal Cannot Be Satisfied Without Emerging Coal Areas in Indonesia - Wood Mackenzie
At Coa ...
Tuesday, 08 March 11
INDIA'S VEDANTA TO ACQUIRE COAL MINES IN OVERSEAS
COALspot.com - India's Vedanta group is also looking at long-term off take agreements and possible acquire of coal mines overseas, the official sai ...
Tuesday, 08 March 11
MINERS SAY VALUE-ADDED LAW WILL HURT IN THE LONG RUN - THE JAKARTA GLOBE
The Jakarta Globe reported that, Government plans to require miners to give added value to their exported commodities could end up costing the count ...
Tuesday, 08 March 11
THE PANAMAX MARKET THIS WEEK FIRMED UP - BRS
Underlining the unpredictability of the current market, rates for all dry bulk segments swung up again last week. Stronger exports out of South Amer ...
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- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
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