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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, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
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