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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, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
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- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
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