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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, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
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