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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 September 10
NALCO, INDONESIAN FIRM DIFFER ON COAL SUPPLY TO SMELTER - DNA INDIA
A few days ago, National Aluminium Company (Nalco) advertised in Indonesian newspapers asking for companies to bid for coal supplies for its 500,000 ...
Thursday, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
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- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
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