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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, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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