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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
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