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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
N ...
Monday, 28 June 10
COLOMBIA WILL LIKELY EXPORT 80 MILLION TONNES OF COAL IN 2010
Best Colombia reported that, Mr Hernan Martinez energy and mines minister of Colombia told reporters that Colombia will likely export 80 million ton ...
Monday, 28 June 10
WESFARMERS' SEPT QTR COAL PRICE UP 11% - SMH
SMH reported that, Wesfarmers Ltd says it expects a 11 per cent increase in prices for metallurgical coal from its Curragh mine in Queensland in the ...
Saturday, 26 June 10
THE SUPRAMAX INDEX FOR S6 ROUTE WAS UP BY US$ 1091 PER DAY OR 5.7 PERCENT D-O-D -- VISTAAR
COALspot.com: The market appears to be steadying with all indices almost stabilizing and the drop much less than last two weeks.
The BDI softened ...
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- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- The University of Queensland
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
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