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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, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Planning Commission, India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
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