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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, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Australian Coal Association
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
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