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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, 23 September 12
AN ANOTHER UNSTABLE WEEK FOR INDONESIAN COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.10 percent and 0.916 percent WOW and DOD respectively ...
Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
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- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
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