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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 09 December 10
INDONESIAN COAL PRICE REFERENCE REACHED US$ 103.41 PMT FOR DECEMBER DELIVERY
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Thursday, 09 December 10
DRY BULK MARKET LOOKING FOR DIRECTION THIS WEEK, AS CAPESIZE SHIPS END THEIR MISFORTUNES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk has began the week on a positive note capitalizing on the positive sentiment which finally prevailed during the last days of the previo ...
Monday, 06 December 10
NTPC MAY OPT FOR INDONESIA OVER AFRICA, OZ FOR COAL MINES
Country's largest power producer NTPC, which is scouting for coal properties abroad to fuel its power plants back home, may zero in on Indonesia fo ...
Saturday, 04 December 10
INDONESIA TO INDIA AND CHINA SEA FREIGHT UP BY ABOUT US$ 2.50 PMT - CAPT. REDDY
COALspot.com - The freight market even though remained weak, but towards end of the week the market seemed to firm up.
The BDI was almost at sam ...
Saturday, 04 December 10
OFF WEST COAST OF INDIA TONNAGE IS SEEMINGLY QUITE SPARSE - FEARNBULK
Handy
The Atlantic markets are weak and remained unusually calm after the Thanksgiving ...
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- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
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