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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 10 October 12
TAPPING OPPORTUNITIES WITHIN GLOBAL ECONOMIC PERSPECTIVE
Press Release: Mining sector will continue to play a significant role in supporting industrial and economic development in Indonesia which is curren ...
Tuesday, 09 October 12
REALM RESOURCES RECOMMENCES DRILLING AT KATINGAN RIA COAL PROJECT
COALspot.com : Realm Resources Ltd. (ASX) has announced that it has commenced work on the phase three technical programme at its Katingan Project in ...
Sunday, 07 October 12
INDONESIAN GOVERNMENT DECLARED HBA FELL AGAIN IN OCTOBER
COALspot.com - The Indonesian government’s declared coal reference price has lost US$ 0.17 per MT M-M.
The monthly coal referen ...
Saturday, 06 October 12
CFR SOUTH CHINA COAL SWAPS FOR DECEMBER'13 DELIVERY GAINED 1.3 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery gained 0.098 percent and 0.164 percent W-W and D-D respectively o ...
Saturday, 06 October 12
FREIGHT MARKET IS LIKELY TO PICK AFTER THE HOLIDAYS IN CHINA - VISTAAR
COALspot.com - The freight market appeared to be seeing some increase BDI up by 14.23 pct closing at 875 points. The Cape and Panamax index also saw ...
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- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
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