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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 11 February 11
DRY BULK MARKET HEATING UP ON FRESH CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is on a high this week, with owners of smaller vessels turning their attention towards the spot market, in order to take advanta ...
Thursday, 10 February 11
SUPRA RATES IMPROVED A LITTLE OVER US$ 6K BSS N. CHINA DELIVERY FOR INDO-INDIA AND THAILAND ROUNDS - FEARNBULK
Handy
Atl is still weak with little fresh enquiry and an accumulation of spot tonnage.Owners are reluctant to send tonnage thru Suez due to uncert ...
Thursday, 10 February 11
BUKIT ASAM EXPECTS ABOVE RP 3 TRIO PROFIT
The state-owned coal miner PT Tambang Bukit Asam Tbk (PTBA) expects to reach 2011's net profit above Rp 3 trillion (US$ 336,322,568) from above Rp2 ...
Wednesday, 09 February 11
INDONESIA ALLOWED 60 COAL TRADING COMPANIES TO EXPORT COAL
COALspot.com - A temporary ban imposed on coal traders in January has lifted this week. As of today 60coal trading companies were allowed to resume ...
Tuesday, 08 February 11
INDIA'S SIMHAPURU TARGETS S.AFRICAN COAL - ECONOMIC TIMES
Economic Times reported that, India's Simhapuri Energy , a unit of the Madhucon Group , wants to buy new or existing collieries in South Africa fro ...
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- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
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