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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, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
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- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
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