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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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Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
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- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
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