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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, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
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