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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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Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Planning Commission, India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
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