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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, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Australian Coal Association
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