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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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Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
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