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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, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
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- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
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