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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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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- MS Steel International - UAE
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
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