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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
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- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- The University of Queensland
- Standard Chartered Bank - UAE
- Australian Coal Association
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
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