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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, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
Tuesday, 12 July 11
DRY BULK MARKET BEGINS WEEK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was evident by the end of the previous week, the dry bulk market’s growth momentum was about to lose steam, something proven yesterday, whe ...
Monday, 11 July 11
REFLECTIONS ON THE FLEET REACHING ONE BILLION TONNES - CLARKSONS / HELLENIC SHIPPING
“A billion gross tonnes of shipping” has a nice ring to it. It presents the industry as a business of substance, with its 85,000 ships w ...
Sunday, 10 July 11
UNTR PROVIDES US$100 MIO TO TTA - INSIDER STORIES
PT United Tractors Tbk (UNTR) agreed to allocate US$100 million to its coal subsidiary dubbed PT Tuah Turangga Agung (TTA).The US$100 million was pa ...
Sunday, 10 July 11
HARDLY ANY CARGO FROM WC INDIA UNTIL END OF MONSOONS - VISTAAR
COALspot.com - The BDI continued to hold last week and firmed up by 27 points with cape and panama index supporting the BDI.
The BDI closed at 1, ...
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- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Planning Commission, India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
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