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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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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coa ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
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- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
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