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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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Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. ...
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- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
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