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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 01 February 13
HANDY - FLAT; PANAMAX - FLAT TO WEAK; CAPESIZE - WEAK
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 17k and Black sea to Feast ...
Thursday, 31 January 13
DRY BULK RATES ON A FALLING PATTERN DUE TO ADVERSE WEATHER CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The seasonal factor has emerged as the latest catalyst in determining the course of the dry bulk market, as the floods in eastern Australia, the big ...
Thursday, 31 January 13
NEWCASTLE PORT SHIPPED 2.70 MMT OF COAL W/E 28 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,703,921 MT of thermal and coking coal for week ended 0700 hours 28 January 2013, Newca ...
Thursday, 31 January 13
MMTC TO IMPORT 2.68 MMT OF COAL FOR ARAVALI POWER CORPORATION LTD
COALspot.com: The tender floated by MMTC on behalf of Aravali Power Corporation Ltd, a Joint venture between NTPC and State of Haryana for supply of ...
Wednesday, 30 January 13
TNPL TO SECURE 300K MT OF IMPORTED COAL SUPPLIES AT US$ 75.95 PMT FOR MARCH - AUGUST 2013 DELIVERY
COALspot.com – Chennai based Coastal Energy Private Limited (C&O Group of companies) offered lowest price of US$ 75.95 per met ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
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