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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low ...
Friday, 28 May 10
INDIAS NEYVELI LIGNITE EYEING INDONESIA, SOUTH AFRICA COAL MINES
Integrated mining and power producer Neyveli Lignite Corporation Thursday said it is exploring possibilities for buying coal mines in Indonesia and ...
Friday, 28 May 10
ADARO ACQUIRES 25% ICP AT US$ 335 MIO
Indonesia's second largest thermal coal miner PT Adaro Energy Tbk (ADRO) today announces formation of new joint venture for Indonesian Coal Project ...
Thursday, 27 May 10
KPCL IS LOOKING FOR 0.50 MLN TON TO IMPORTED STEAMING COAL FOR RAICHUR THERMAL POWER STATION
COALspot.com: KARNATAKA POWER CORPORATION LIMITED, India invited from reputed parties meeting the pre qualifications stipulated for the import ...
Thursday, 27 May 10
TNPL TO BUY 0.240 MLN TON NON-COKING COAL FOR SECOND HALF OF 2010
COALspot.com: Tamil Nadu Newsprint and Papers Limited (TNPL), would like to procure 0.24 mln MT of imported Non-Coking Coal in 6 Shipments of about ...
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- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Planning Commission, India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
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