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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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Wednesday, 22 December 10
PEABODY ENERGY TO SOURCE INDONESIAN COAL FROM PT SUPRA BARA ENERGI (SBE) - COAL GEOLOGY
Coal Geology reported that, Peabody Energy has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the e ...
Wednesday, 22 December 10
INDONESIAN COAL LOAD PORT WEATHER CONDITION AND DELAYS
COALspot.com - The several leading shipping agents in Indonesia, said due to rainy season in Indonesia, loading activities in coal loading ports hav ...
Wednesday, 22 December 10
COAL INDIA CLOSE TO BUYING 15% STAKE IN AUSTRALIAN MINE - ECONOMIC TIMES
Economic Times reported that, Coal India (CIL) is close to buying a stake between 10% to 15% in an Australian mine owned by Peabody, a US company.
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Wednesday, 22 December 10
CAPESIZE FUTURES MARKET RATES ARE EXPECTED TO CONTINUE THEIR DRIFT DOWN IN 2011 - BRS
Nearly two months of weekly declines in the Baltic Capesize Index were finally halted last week with a small 1% increase Friday-to-Friday. The impro ...
Wednesday, 22 December 10
DRY BULK MARKET LOOKING FOR DIRECTION AMID HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market isn’t exhibiting a “festive” behavior, thus cheering ship owners and investors alike. Instead, the industry&rs ...
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- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- VISA Power Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
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