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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, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Minerals Council of Australia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
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