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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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Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
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Showing 4916 to 4920 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
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