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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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Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
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- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Parliament of New Zealand
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
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