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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, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- PTC India Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- The University of Queensland
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
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