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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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Monday, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- PTC India Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
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