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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, 29 March 11
JAPAN FACTOR RIPPLING THROUGH THE SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the world watching the latest developments regarding the nuclear crisis in Japan and the devastating effects of the recent tragedy that struck ...
Tuesday, 29 March 11
DUTY EXEMPTION UNLIKELY TO IMPACT COKING COAL PRICES - PTI NEWS
Press Trust of India News reported that, the exemption to certain types of coking coal from customs duty is not likely to impact steel prices at pre ...
Monday, 28 March 11
HARUM ENERGY FY10 EARNING UP 7.23% - INSIDER STORIES
Thermal coal producer PT Harum Energy Tbk (HRUM), controlled by Indonesian businessman Kiki Barki through his son Lawrence Barki, posted a slight in ...
Monday, 28 March 11
IBT RAISES CAPACITY OF PULAU LAUT TERMINAL - THE JAKARTA POST
The Jakarta Post reported that, coal infrastructure and logistics firm PT Indonesia Bulk Terminal (IBT), a subsidiary of PT Adaro Energy Tbk, plans ...
Saturday, 26 March 11
THE FREIGHT MARKET REMAINED A BIT VOLATILE THIS WEEK - CAPT. REDDY
COALspot.com - "The freight market remained a bit volatile this week", says Capt. Reddy, director of Vistaar Shipping Singapore.
Howeve ...
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- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
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