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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- The University of Queensland
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
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