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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, 01 April 11
SUPRAS EX RICHARDS BAY COAL TERMINAL TO INDIA HOVERING AT $ 25 - 27.00 PMT - FEARNBULK
Handy
Atlantic markets remain stable with more activity from the Black Sea to FEast paying in the mid 20´s on Supras. The USG remains firm p ...
Friday, 01 April 11
DRY BULK MARKET WEAKENS ON SLOWER DEMAND, HOPES FOR MID-TERM REBOUND ON JAPANS RECONSTRUCTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected in the Baltic Dry Index (BDI) retreated for a third day yesterday, after staying flat on Monday, to end at 1,530 p ...
Wednesday, 30 March 11
CHALLENGER SIGNS OPTION AGREEMENTS TO PURCHASE FOUR COAL PROJECTS IN INDONESIA
Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia
Challenger Deep Resources Corp.ha ...
Wednesday, 30 March 11
KPCL TO IMPORT ONE MILLION TONS OF 6300 GAD COAL
COALspot.com - Karnataka Power Corporation a state utility of Karnataka, India called for open tender for supply of one million tons of 6300 Kcal/kg ...
Wednesday, 30 March 11
WIKA GRABS PROJECT FROM ADARO INDONESIA - INSIDER STORIES
One of Indonesia's largest thermal coal PT Adaro Indonesia has finally mandated PT Wijaya Karya Tbk (WIKA) as a contractor to install and manage ov ...
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- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
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