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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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