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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 21 December 10
CHINA COAL CAP TO BOOST GLOBAL M&A - FINANCIER WORLD WIDE
Financier World Wide reported that, Chinese state-run media has reported that the Central Government intends to cap domestic coal production for fea ...
Tuesday, 21 December 10
CIL TOLD TO SCOUT MINES ABROAD TO BRIDGE COAL DEFICIT - ECONOMIC TIMES
Economic Times reported that, The government asked state-owned CIL to look for acquiring assets abroad to meet the domestic shortfall of coal.
&q ...
Tuesday, 21 December 10
SHIPPING INDUSTRY RECOVERING, BUT STILL HAMPERED BY OVERSUPPLY OF VESSELS AND DEPRESSED FREIGHT RATES - UNCTAD / HELLENIC SHIPPING
International seaborne trade contracted by 4.5 per cent in 2009, reports UNCTAD´s Review of Maritime Transport 2010 . That decline put seaborn ...
Sunday, 19 December 10
SPOT SUPRAMAX VESSELS WERE FIXED AROUND US$ 13,000 PER DAY FOR TRIP VIA INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued to be soft with the BDI down by 96 points and closed at 1,999 points, touching below 2,000 points on Fri ...
Friday, 17 December 10
THE PANAMAX MARKET HAS EXPERIENCED A SOFTER TENDENCY THIS WEEK - FEARNBULK
Handy
Monotonous Atlantic markets with little fresh enquiry in Black Sea/Med/Continent. Large Supras are achieving usd 21/22k for TA rounds - 2/3 ...
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- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
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