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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Monday, 24 May 10
INDONESIAN COAL PRICE REFERENCE (HBA) FOR MAY 2010 REACHES US$ 92.07 PER TON FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has released Indonesian coal price reference (HBA) for Month of M ...
Monday, 24 May 10
PAMA TO CLOSE COALS ACQUISITION IN 2010
Insider Stories reported that, Indonesia's largest coal mining contractor PT Pamapersada Nusantara, subsidiary of PT United Tractors Tbk (UNTR), wi ...
Sunday, 23 May 10
SINGARENI LEVIES PREMIUM TO BALANCE COAL DEMAND - BUSINESS STANDARD
Business-Standard reported that, In view of the rising demand for coal, Singareni Collieries Company Limited has recently levied a premium on c ...
Saturday, 22 May 10
THE BRENT CRUDE PRICES WAS SHARPLY DOWN AT US$ 71.72 PER BARREL - VISTAAR SHIPPING
COALspot.com: The freight market was under pressure with the caps size index down by 10 pct with uncertainty in Europe crisis continuing.
The BD ...
Saturday, 22 May 10
PORT CONGESTION IN AUSTRALIA HELPING RATES CHINA COAL IMPORT BOOM TO CUSHION FREIGHT RATES
China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains. ...
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- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Parliament of New Zealand
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
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