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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, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Economic Council, Georgia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
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