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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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Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
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- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
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