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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, 12 November 12
THE ESTABLISHMENT OF NORTH KALIMANTAN AS A NEW PROVINCE WILL NOT AFFECT THE LOCAL MINING COMPANIES
The government of Indonesia has ensured that the establishment of North Kalimantan as a new province will not affect the local mining companies ...
Monday, 12 November 12
DRILLING COMPLETED AT THE MOORLANDS DEPOSIT, WEST BOWEN PROJECT
Press Release - Cuesta Coal Limited (ASX: CQC) (“Cuesta”) is pleased to announce it has completed its exploration activities at the Moor ...
Monday, 12 November 12
BARGE-LOAD OF 5K TONNES OF COAL FROM THE ADK JOINT VENTURE SHIPPED LAST WEEK
COALspot.com - Orpheus Energy (ASX:OEG) has announced that, it has successfully shipped a 5,000 tonne of ADK thermal coal to an Indonesian trading g ...
Sunday, 11 November 12
AN OPTIMISTIC WEEK FOR INDONESIAN SUB-BIT COAL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 2.08 percent WoW and 1.28 percent DoD on Friday, 9 November ...
Sunday, 11 November 12
THE IRON ORE AND COAL PRICES MOVEMENTS REMAINS LOW - VISTAAR
COALspot.com The market remained soft with all the sectors soft.
The BDI and was down by 4.67 pct closing at 940 points, on Friday 9 Novemb ...
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- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Australian Coal Association
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
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