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