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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, 15 January 13
GRANT SMITH APPOINTED GROUP MANAGING DIRECTOR OF BRAEMAR ADJUSTING
The Board of Braemar Adjusting is delighted to announce the appointment of Grant Smith as Group Managing Director of the company with immediate effe ...
Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
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- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
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