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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, 23 January 11
THE AVERAGE CHARTER RATE FOR CAPE SIZE VESSELS WAS AT $ 8,859 PD ALMOST CLOSE TO 2008 LOWS - VISTAAR
COALspot.com - The BDI continues to drop and saw a drop of about 5 pct this week closing at 1,370 points. “ In May 2010 the BDI touched ...
Saturday, 22 January 11
POSSIBLE COAL EXPORT RESTRICTIONS ON INDONESIA UNLIKELY TO AFFECT CHURCHILL MINING - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining moved to reassure investors after a fall in its share price, stating that from talks with the au ...
Thursday, 20 January 11
INDONESIA MAY BAN LOW-QUALITY COAL EXPORTS FROM 2014 - BLOOMBERG
Bloomberg reported that, The Indonesian government plans to ban exports of coal with an energy value of less than 5,600 kilocalories a kilogram star ...
Thursday, 20 January 11
SUPRAS ARE DOING USD 7- 8K FOR INDONESIA-INDIA - FEARNBULK
Handy
Negative sentiment for forward positions in the Atlantic market due to lack of cargo availability and too many ballasters from the East. Con ...
Thursday, 20 January 11
ITMG TARGETS TO PRODUCE 25 MILLION TONS OF COAL THIS YEAR - BISNIS INDONESIA
Bisnis Indonesia reported that, Coal producer PT Indo Tambangraya Megah Tbk (ITMG) targets to produce 25 million tons of coal this year, a 13. ...
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- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
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