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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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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
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