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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- SMC Global Power, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
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