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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, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- White Energy Company Limited
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
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