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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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Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
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- VISA Power Limited - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Australian Coal Association
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
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