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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
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- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- The University of Queensland
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
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