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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
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