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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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Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
Saturday, 08 May 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND PANAMAX / $ 21500 & SUPRAMAX / $ 18500 PER DAY - VISTAAR SHIPPING
COALspot.com: The BDI continued to go up and was up by 7.57 pct even though the stock markets was severely affected with worries on Greek debt crisi ...
Saturday, 08 May 10
MAHAGENCO TO IMPORT 3.35 MILLION TON OF COAL
COALspot.com: Indian utility Maharashtra State Power Generation Co. Ltd. is in market for 3.35 million tones of imported coal. The purchase of coal ...
Saturday, 08 May 10
NAPOCOR BUYS 122,000 TONS COAL - ABC CBN NEWS
ABC - CBN News reported that, State-run National Power Corp. (Napocor) said on Thursday it awarded 2 contracts for the supply of a total 122,000 ton ...
Saturday, 08 May 10
RICHARDS BAY COAL SHIPMENTS FALL TO AN 11-MONTH LOW - BLOOMBERG
Bloomberg reported that, Coal shipments from Richards Bay Coal Terminal, Africa’s biggest export facility for the fuel, fell to an 11-month lo ...
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- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- PTC India Limited - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
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