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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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Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
Wednesday, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
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- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- The University of Queensland
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
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