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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
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