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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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Friday, 31 December 10
STC TO FINALIZE 12 MILLION MT OF COAL IMPORT CONTRACT TO TWO INDIAN AND A DUBAI BASED COAL TRADER - SOURCES
COALspot.com - World's single largest coal import tender floated by STC on behalf of state utility NTPC to finalize its suppliers or already finali ...
Thursday, 30 December 10
DRY BULK MARKET STAYS SUBDUED AT THE END OF 2010 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand ...
Thursday, 30 December 10
KANGAROO RESOURCES BUYS INDONESIAN COAL COMPANY
Australian-listed Kangaroo Resources Ltd. said Wednesday it will buy 99% of the Pakar thermal coal project in East Kalimantan, for A$277 million thr ...
Wednesday, 29 December 10
WEATHER IMPACTS RIO TINTO COAL AUSTRALIAS QUEENSLAND OPERATIONS
Press Release - As a result of severe monsoonal rain in central and northern Queensland, force majeure has been declared on coal sales contracts fro ...
Monday, 27 December 10
ANALYSIS: CHINA'S COAL PRODUCTION MISMATCHED WITH DOMESTIC DEMAND
As reported by iStock Analyst, China's coal market has been trapped in a strange cycle. Large coal production bases are facing overcapacity, while ...
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- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
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