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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, 06 March 11
THE S6 ROUTE MAY CONTINUE TO BE FIRM - VISTAAR
COALspot.com - The freight market was firm this week with all indices up. The BDI , Cape Index and Panamax index was up by almost 9 pct where as Sup ...
Friday, 04 March 11
IRON ORE FROM INDIA HAS BEEN QUIET
Handy
Activity has been gradually rising in the Atlantic but it is mostly confined to the USG market. Short period basis redelivery Atlantic has b ...
Thursday, 03 March 11
TNPL INDIA LOOKING FOR 160,000 MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. is seeking to import 160,000 plus minus 5 percent metric tons of non-coking coal with Gross Calo ...
Wednesday, 02 March 11
MIXED FORTUNES FOR DRY BULK OWNERS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although the dry bulk market has been on the positive side this week, things still look quite uncertain in the near term, with most owners puzzled a ...
Wednesday, 02 March 11
INDIA, 2ND LARGEST IMPORTER OF INDONESIAN COAL IN 2010
COALspot.com: Indonesia, the world largest coal exporter, shipped 24.68 million tons of coal in January 2011, which was 1.19 percent higher Y-o- ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
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