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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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Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
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