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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, 26 April 10
COAL INDIA NEARS PORT DEAL WITH VIZAG STEEL - DNA
DNA India reported that, Coal India Ltd (CIL), the country’s largest coal producer, is close to signing a deal to acquire space at Vizag Steel ...
Sunday, 25 April 10
THE WAITING AT INDIAN PORTS FOR COAL VESSELS WAS QUITE NORMAL - VISTAAR
COALspot.com: The BDI remained unchanged this week and all other sectors also the change was not much.
The cape index continued to move up and wa ...
Saturday, 24 April 10
NTPC TO BUY COAL MINES IN KAZAKHSTAN - TELEGRAPH INDIA
Telegraph India reported that, NTPC Ltd plans to acquire coal mines and operate two thermal power plants in Kazakhstan.
“We are exploring t ...
Saturday, 24 April 10
CHINA'S COAL IMPORTS DOUBLE IN MARCH
China's General Administration of Customs said that the country imported 15.22 million tons of coal last month, more than double the amount it impo ...
Friday, 23 April 10
KPCL EYES MINE IN INDONESIA - BUSINESS STANDARD
Business-Standard reported that, Karnataka Power Corporation Ltd (KPCL), the state-owned power generator, is exploring the possibility of acquiring ...
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- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Australian Coal Association
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
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