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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 02 June 10
PLN TO DEVOUR 133 PERCENT MORE COAL IN NEXT FIVE YEARS
The Jakarta globe reported that, State electricity company PT Perusahaan Listrik Negara will more than double the amount of coal it uses over the ne ...
Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
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- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
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