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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 17 December 10
NALCO SHORTLISTS COAL FIRMS FOR INDONESIA PROJECT - BUSINESS-STANDARD
Business-Standard reported that, State-owned NALCO today said it has shortlisted two firms for supply of coal for its Rs 18,000-crore (US$ 3,953,003 ...
Thursday, 16 December 10
LANCO BAGS AUSTRALIAN COAL MINER GRIFFITH - DNA
As part of its strategy to secure coal supplies for meeting its needs in expanding power generation capacities, infrastructure major Lanco Infratech ...
Thursday, 16 December 10
COAL INDIA IN TALKS WITH INDONESIAN CO TO BUY ITS COAL MINES - APN NEWS
APN News reported that, World’s largest coal producer Coal India is in talks with Indonesia’s Sinar Mas Group for acquiring coal mines i ...
Wednesday, 15 December 10
GOVT SETS NEW MINIMUM LEVEL FOR DOMESTIC MARKET SALES - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal producers are required to sell at least 24.17 percent of their production to the domestic market nex ...
Wednesday, 15 December 10
CAPESIZE RATES ARE NOW AT THEIR LOWEST LEVEL SINCE AUGUST
It was a repeat performance for the market this week, with another increase in earnings for the small sizes but a sharp drop for the Capes. Overall ...
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- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
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