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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, 04 November 10
CAPE SIZE SENTIMENT FOR THIS WEEK WAS NEGATIVE - FEARNBULK
Handy
The Atlantic markets remain flat and lackluster. High volume of tonnage availabi ...
Thursday, 04 November 10
GVK TALKS WITH MEC FOR INDONESIAN MINES DEAL - DNA INDIA
As reported by DNA India, GVK Power and Infrastructure on Wednesday said it is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia, ...
Wednesday, 03 November 10
PANAMAX SIZE DRY-BULK CARRIER MARKET IS STRONG - GERSON LEHRMAN
Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, du ...
Tuesday, 02 November 10
ADDED VALUE REMAINS STAGNANT - MAJALAH TAMBANG
The improvement of added value of mining products in accordance with mandate of the mining law has not been visible. Minerals and coal are still exp ...
Saturday, 30 October 10
THE SUPRAMAX FREIGHT MARKET THIS WEEK REMAINED ALMOST AT LAST WEEK LEVELS - VISTAAR SINGAPORE
COALspot.com: The freight market this week remained almost at same levels except for Panamax index which was up by 191 points.
The feast/SE Asia ...
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- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
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