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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 23 July 11
FAR EAST /SE ASIA ROUTE GAINED US$ 3000 HIGHER THAN LAST WEEK - VISTAAR
COALspot.com - The BDI further softened to by 2.22 pct and closed at 1323 points. The Cape and Panamax index also softened and closed at 1841 points ...
Saturday, 23 July 11
PANAMAX MARKET FACED A LIMITED ACTIVITY IN ALL BASINS
Handy
Atlantic softening across all segments with little fresh enquiry ex Bsea/Cont/USG and ECSA. Trips to Far east remain healthy. More cargoes ex ...
Friday, 22 July 11
MARUBENI ACQUIRING 42.86% SHARE OF YTL JAWA POWER HOLDINGS
COALspot.com - Japan’s Marubeni Corporation acquisition 42.86% stake in YTL Jawa Power Holdings BV, which owns a 35% equity interest in Indone ...
Thursday, 21 July 11
INDIA IMPORTS 36.033 MILLION TONS OF INDONESIAN COAL TILL JUNE
COALspot.com - Indonesia shipped 28.27 Million tons of coal in June 2011, a 2.3 percent lesser than May export of about 28.962 million tons, I ...
Thursday, 21 July 11
COAL PRICES ARE AT US$ 120 A TONNE
COALspot.com - Indonesian coal production in 2011 is expected to reach 360 million tons or 5.8 percent higher than government's forecasts. The incr ...
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- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
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