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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, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
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- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
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