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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, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- White Energy Company Limited
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- CNBM International Corporation - China
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
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