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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, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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Showing 4711 to 4715 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
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