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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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Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
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- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- White Energy Company Limited
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
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