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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, 12 October 11
INDONESIAS COAL RUSH - JOSEPH KIRSCHKE
COALspot.com - Last winter, the Chinese government mobilized thousands of soldiers and reservists of the People’s Liberation Army to the port ...
Wednesday, 12 October 11
CAPESIZE - A SURPRISE JUMP IN RATES - BRS
There was a surge across all sizes last week, resulting in the BDI gaining 101 points to end the week at 2,000 points (+5.3%). The BCI reached 3,218 ...
Wednesday, 12 October 11
CAPESIZE FREIGHT RATES BOUND TO RETREAT FROM 2011 HIGHS ON THE BACK OF TONNAGE OVERSUPPLY SAYS BIMCO
According to Nikos Roussanoglou, Hellenic Shipping, with the BDI (Baltic Dry Index) breaking yet another 2011 high yesterday and ending the se ...
Tuesday, 11 October 11
GLENCORE, SUITOR FOR BUMI PLC? - INSIDER STORIES
Insider Stories reported that, the largest commodities trader in the world, Glencore International Plc, is considering an opportunity to acquire a m ...
Tuesday, 11 October 11
RENUKA COALINDO BUYS JAMBI COAL
PT Renuka Coalindo Tbk, formerly PT Allbond Makmur Usaha Tbk plans to acquire PT Jambi Prima Coal holder of mining concession in Pauh, Sa ...
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- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
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