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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, 15 August 11
INDIAS MALABAR CEMENTS SEEK TO IMPORT 40,000 TONS OF COAL
COALspot.com - Malabar Cements Ltd., India's Keralaa government owned cement factory is seeking to import 40K metric tons of non-coking coal throug ...
Sunday, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
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- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
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