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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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- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
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