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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
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