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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, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
Wednesday, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
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- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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