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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 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
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