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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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Friday, 03 June 11
DRY BULK MARKETS RESURGENCE APPEARS TO BE LOSING SOME STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s seems to be losing some steam, despite reports of growing Chinese demand for commodities, especially coal, on the back o ...
Thursday, 02 June 11
LARGE SUPRAS FOR RBCT/INDIA ROUND ARE NOW ASKING 14K - FEARNBULK
Handy
The Handy/Supra market has in general been flat and un-exciting this week. The Black Sea market is almost non existing while the US Gulf mar ...
Thursday, 02 June 11
DRY BULK SHIP OWNERS LOOKING INTO SHORTENED WEEK WITH ANXIETY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most markets in the western world closed yesterday, as a result of Memorial Day, dry bulk stakeholders weren’t able to build over the pos ...
Monday, 30 May 11
MIANG BESAR COAL TERMINAL ON TARGET
COALspot.com - MBCT, to be largest coal terminal in Asia to start construction in Indonesia’s east Kalimantan Island in July 2011 says Mr. Joh ...
Sunday, 29 May 11
THE FREIGHT MARKET CONTINUED TO GAIN MOMENTUM - VISTAAR
COALspot.com - The freight market continued to gain momentum and the BDI, Cape Index and Panamax was by up almost 10-12 pct and on all sectors, Vist ...
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- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
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