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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 30 August 11
FAUJI CEMENT CONSUMED MORE THAN 1 MILLION TONS OF LOCAL COAL
Cooper Minerals Inc.based in Vancouver, BC, Canada, is a junior exploration company engaged in the acquisition, exploration and development of miner ...
Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
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