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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, 25 September 10
INDONESIA HAS EXPORTED 187.656 MILLION TONNES OF COAL IN EIGHT MONTHS
COALspot.com: Indonesia, the world largest coal exporter has exported 187.656 million tons of coal for the period January – August this ...
Saturday, 25 September 10
PRESSURE ON S6 AND S7 ROUTES SEEMS TO BE CONTINUED NEXT WEEK CAPT. REDDY
COALspot.com: The freight market has been flat this week due to holidays in China and low activity saw all sectors down and soft.
The BDI was dow ...
Thursday, 23 September 10
CHURCHILL MINING SHARES JUMP ON EAST KUTAI COAL PROJECT FEASIBILITY RESULTS - STOCKOPEDIA
AIM listed mining group Churchill Mining (LON:CHL) and its Indonesian partners the Ridlatama Group, have completed a feasibility study on the 2.73bn ...
Thursday, 23 September 10
DRY BULK RATES EXPECTEDLY FALL TO ONE MONTH LOWS - HELLENIC SHIPPING
With of the Far East trade routes closed this week on various national holidays, demand for ocean transportation of raw materials has been significa ...
Wednesday, 22 September 10
INDIA TO BE BIGGEST BUYER OF INDONESIAN COAL BY 2011 - BUSINESS STANDARD
India will pass Japan to be the biggest buyer of Indonesian coal by 2011, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
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- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- The University of Queensland
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
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