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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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Tuesday, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- The University of Queensland
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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