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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, 03 December 10
INDONESIAN LOW RANK COAL IS ATTRACTING COAL BUYERS FROM INDIA AND CHINA
COALspot.com - Bhakti Energi Persada has sold out its whole coal production until the end of 2011, Jeffry Mulyono said during McCloskey Asia P ...
Thursday, 02 December 10
INDIA'S COAL SHORTAGE TO DEEPEN NEXT YEAR - MONEY CONTROL
Money Control reported that, India's coal deficit will deepen sharply next year, its coal minister said on Tuesday, forcing Asia's third largest e ...
Thursday, 02 December 10
CIL INCHES CLOSER TO PEABODY STAKE DEAL - THE TELEGRAPH INDIA
The Telegraph India reported that, state-run Coal India Ltd (CIL) hopes to complete negotiations to buy over 10 per cent in Australian miner Peabody ...
Thursday, 02 December 10
DRY BULK MARKET WEIGHED DOWN BY CAPESIZE BLUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The negative sentiment currently undergoing in the capesize market has kept the dry bulk market’s benchmark, the Baltic Dry Index (BDI) on the ...
Monday, 29 November 10
NUCLEAR SUPERTANKERS TO SHAKE UP SHIPPING - THIS IS MONEY
This is money reported that, plans are under way that could see nuclear-powered supertankers sailing the world’s shipping lanes, refuelling on ...
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- VISA Power Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Planning Commission, India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- The University of Queensland
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
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