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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, 07 May 11
BERAU INKS DEALS WITH CHINESE FIRMS AS COAL WEATHERS COMMODITIES STORM - THE JAKARTA GLOBE
The Jakarta Globe reported that, Berau Coal, one of the country’s largest coal miners, has signed sales contracts with two Chinese companies a ...
Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
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- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
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