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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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Thursday, 17 February 11
UNCERTAINTY AND VOLATILITY - FEARNBULK
Handy
Recovering market as evidenced by the solid USD 16k/day achieved by a handymax from Continent to east Med with scrap. More short period requ ...
Tuesday, 15 February 11
INDONESIAN COAL FOR HARYANA THERMAL PLANTS - PUNJAB NEWS LINE
To tide over the recurring coal shortage at thermal plants Haryana Power Generation Corporation Limited (HPGCL) has gone for Malaysian coal for its ...
Tuesday, 15 February 11
TONNAGE OVERSUPPLY TO CHOKE FREIGHT RATES IN THE COMING MONTHS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a new report assessing the dry bulk market, BIMCO’s analysis suggests that freight rates for Capesize vessels are likely to remain depresse ...
Sunday, 13 February 11
COAL MARKETS 2011 TO HIGHLIGHT INDONESIAN COAL AND NEW SOURCES OF COAL SUPPLY
“Over 300 senior decision-makers from coal mining, power and trading companies expected to congregate in Singapore”
Press Release - K ...
Sunday, 13 February 11
YEAR OF RABBIT PUSHING FREIGHT MARKET UP
COALspot.com – “The market finally moved up with firmness in all sectors with some positive signs of markets recovering”, said Cap ...
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- Indo Tambangraya Megah - Indonesia
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- Medco Energi Mining Internasional
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- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
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- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
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- Bhoruka Overseas - Indonesia
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- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
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- Star Paper Mills Limited - India
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- Independent Power Producers Association of India
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- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
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- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
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- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
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- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
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- MS Steel International - UAE
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
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