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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
Sunday, 22 January 12
FREIGHT MARKET DROPPED TO THE LOWEST LEVEL SINCE 2008
COALspot.com - "The markets continued to soften almost reaching 2008 levels breaking the 1,000 point mark", said Capt. Reddy of Vistaar Sh ...
Saturday, 21 January 12
ASIAS PREMIER COMPREHENSIVE OPEN CUT MINING CONFERENCE SCHEDULED FOR FEBRUARY 2012
As the only such conference in the region for miners and service providers, IBC Asia’s Open Cut Mine Planning & Operational Excellence con ...
Saturday, 21 January 12
COAL MARKETS CELEBRATES A DECADE OF BRINGING BUYERS & SELLERS TOGETHER
In 2012, IBC Asia’s premier Coal Markets conference series – Asia’s only globally focused coal import, export and supply chain eve ...
Saturday, 21 January 12
SAMIN TAN COMPLETES BUMI PLC TAKEOVER - INSIDER STORIES
Insider Stories reported that, Indonesian coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by stellar businessm ...
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- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
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