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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
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