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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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Saturday, 22 December 12
FALL IN CAPE AND PANAMAX RATES DRAG BDI INDEX - VISTAAR
COALspot.com - The freight market further softened this week closing at 700 points (down by 10.71 pct). The cape index continued to fall and w ...
Saturday, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
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- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Planning Commission, India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
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