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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, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...
Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...
Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery
50% down payment due in five working days
Production continues at both Jongka ...
Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...
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- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
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