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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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Saturday, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed t ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
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- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
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