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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- The University of Queensland
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
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