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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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Monday, 14 March 11
IRON ORE TRADING WORLD EUROPE 2011
Press Release - Strategy and opportunity for miners, steelmakers, end users and the financial community.
The iron ore spot market is growing at a ...
Sunday, 13 March 11
COAL NO LONGER A CHEAP ENERGY SOURCE - THE SUNDAY LEADER
The Sunday Leader reported that, the addition of power generated through coal power to the country’s national grid was initially expected to r ...
Sunday, 13 March 11
THE FREIGHT MARKET SEEMS WILL BE FIRM FOR MARCH AND APRIL - VISTAAR
COALspot.com - The freight market continued to rise with the BDI crossing 1500 points and the cape size index up by 32 pct and all other segments al ...
Friday, 11 March 11
THE HANDY MARKET IS QUITE VOLATILE
Handy
Lacklustre week as the USG is the only bright light with high volumes of petcoke/coal into the Med (paying mid 20´s bss aps USG). Litt ...
Thursday, 10 March 11
DRY BULK MARKET SHOWING SIGNS OF STRONGER RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market jumped by 3.37% yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI), moving up to 1,472 points, levels no ...
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- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Medco Energi Mining Internasional
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
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