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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 26 December 12
SHIP OWNERS WRAP UP NEWBUILDING DEALS PRIOR TO YEAR END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the year inches closer and closer to its end, many ship owners are looking to close deals for newbuilding vessels they have been negotiating duri ...
Monday, 24 December 12
CONSTITUTIONAL COURT DECISION MAY FURTHER DELAY THE ISSUANCE OF NEW MINING BUSINESS LICENCES - TJEN SHE SIUNG
COALspot.com - In November 2012 the Constitutional Court of Indonesia issued a decision on amendments to certain provisions under the Mining Law No. ...
Monday, 24 December 12
BUNKER PRICES TO CONTINUE RISING, ALBEIT IN A SLOWER MODE, DURING THE NEXT FEW YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEW
In a recent report, US-based consulting firm Mcquilling Services attempted to forecast the course of bunker prices during the next few years, as thi ...
Sunday, 23 December 12
Q4' 2013 CFR SOUTH CHINA COAL SWAP, US$ 3.40 HIGHER COMPARED TO Q1' 2013 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 1.94 percent M-M and WoW by 1.57percent but lost 0.35 ...
Saturday, 22 December 12
SECOND HAND VESSELS ENJOY HIGH DEMAND AS PRICES ARE ATTRACTIVE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the year is closing to its end, activity in the second hand vessel market has been more than high. Ship owners are looking to ...
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- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- The University of Queensland
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- PTC India Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
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