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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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Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Posco Energy - South Korea
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- White Energy Company Limited
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
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