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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, 19 November 12
GOVT PREPARES TO FACE ANOTHER SUIT ON MINING LAW - THE JAKARTA POST
The government is gearing up to face a complaint on the 2009 Mining Law prepared by the same organization that previously brought down upstream oil ...
Monday, 19 November 12
IHS MCCLOSKEY ASIA PACIFIC COAL OUTLOOK CONFERENCE 2012
With the current global oversupply of thermal coal showing no signs of abating and spot prices falling to a two-year low, concerns are growing that ...
Sunday, 18 November 12
INDONESIAN SUB BITUMINOUS COAL SWAPS FOR JANUARY 2013 DELIVERY GAINS 1.29 PERCENT WOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 1.29 percent WoW and 0.25 percent DoD on Friday, 16 Novembe ...
Saturday, 17 November 12
THE SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA ARE EXPECTED TO BE UP NEXT WEEK - VISTAAR
COALspot.com - This week market sentiments ended positive with all the segments ending higher except for handy size which was almost at same levels ...
Saturday, 17 November 12
RECORD DEMOLITION ACTIVITY SEEKS TO CURB TONNAGE OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
This year will prove to be another record-breaker in terms of scrapping of older vessels across all shipping segments, as the equally feverish pace ...
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- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
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