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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, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
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- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- The University of Queensland
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- White Energy Company Limited
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
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