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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- The University of Queensland
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
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