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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
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