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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, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
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