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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Bhatia International Limited - India
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