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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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Sunday, 17 April 11
THE FREIGHT MARKET APPEARS WILL CONTINUE TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - "The freight market continued to soften further with all segments down except for the handy size which was marginally up by 10 p ...
Sunday, 17 April 11
ADARO TO PROPOSE US$75 MILLION DIVIDEND
COALspot.com - One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) is keen to propose a final dividend of US$75 million or Rp 20.17 (U ...
Saturday, 16 April 11
TNPL RECEIVES 1.6MT OF COAL OFFERS - SOURCES
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. has closed its 160,000 MT coal inquiry today.
More than a half a dozen of Indian coal t ...
Friday, 15 April 11
DRY BULK MARKET KEEPS ON FALLING, ON LOW DEMAND AND HIGH SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its falling patern this week, with the industry’s benchmark, the Baltic Dry Index (BDI) retreating again yesterda ...
Thursday, 14 April 11
SUPRAS IN N.CHINA GET CLOSE TO $12000 FOR TRIPS VIA INDONESIA TO INDIA - FEARNBULK
Handy
The Atlantic market remains flat - very little new/fresh business and slow activity. Considerable prompt tonnage remains unfixed. The USG pa ...
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- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Planning Commission, India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- The University of Queensland
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
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