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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, 22 November 12
HANDY: INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 12500 - FEARNRESEARCH
Handy
The north Continent is seeing plenty of tonnages but lack of cargoes. TA business are around 11k and fronthaul is around 17k.Tonnages has tig ...
Thursday, 22 November 12
DRY BULK MARKET RISE, BUT OUTLOOK SEEN DIM ON THE BACK OF RECORD NEW BUILDING DELIVERIES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been under hefty pressure since the start of the year, as a result of record newbuilding deliveries and below-par demand for ...
Wednesday, 21 November 12
LITTLE IMPACT FROM DISSOLUTION OF BP MIGAS ON INDONESIAN OIL & GAS COMPANIES - FITCH
Fitch Ratings has said that the recent court order to abolish the Indonesian upstream oil and gas regulator, BP Migas, has minimal immediate impact ...
Wednesday, 21 November 12
ORPHEUS ENERGY SECURES FIRST COAL OFF TAKE CONTRACT
COALspot.com - Orpheus Energy Limited (ASX:OEG) has announced that it has signed a coal sales contract with an Indonesian steel manufacturing compan ...
Tuesday, 20 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 13.18 PERCENT LESS COAL W-W
COALspot.com - Newcastle port in Australia has loaded 2,691,731 MT of thermal and coking coal for week ended 0700 hours 19 November 2012, Newc ...
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- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
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