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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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- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- VISA Power Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
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