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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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Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
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- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Planning Commission, India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
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