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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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Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
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- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
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- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
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- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
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- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
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- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
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- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
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- GAC Shipping (India) Pvt Ltd
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- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
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- Chamber of Mines of South Africa
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- Ministry of Finance - Indonesia
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- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
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- Price Waterhouse Coopers - Russia
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- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
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- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
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- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
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- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
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- PNOC Exploration Corporation - Philippines
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- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
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- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
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- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
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- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
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- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
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- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
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- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
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- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
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- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
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- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
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- Indika Energy - Indonesia
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- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
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- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Kumho Petrochemical, South Korea
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- Global Green Power PLC Corporation, Philippines
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- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
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