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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, 04 October 12
CAPESIZE : IN SPITE OF THE HOLIDAYS IN CHINA, RATES ARE CLIMBING UP - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Continent to east Med were around USD 13k and Black ...
Wednesday, 03 October 12
BARCLAYS'S PRICE FORECAST FOR NEWCASTLE COAL HAS BEEN WRITTEN DOWN
“ The main story in the global coal markets has been the growth in supply, with all of the major exporters adding volumes into a market which ...
Sunday, 30 September 12
SUB-BIT INDONESIA COAL SWAPS: MIXED TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 0.73 percent w-o-w but gained 0.41 percent d-o-d on Friday, 28 Se ...
Sunday, 30 September 12
INDONESIA HAS NO PLAN TO CAP COAL PRODUCTION
COALspot.com - “The current low coal prices were mainly due to a global oversupply condition, spurred by numerous mining exploitations in the ...
Sunday, 30 September 12
FREIGHT MARKET UNDER PRESSURE; OVERALL SENTIMENTS ARE STILL BEARISH
COALspot.com - The freight market seemed to have lost steam and all indices were down except for cape index.
The BDI was slightly down by 6 point ...
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- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- VISA Power Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
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