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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, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Australian Coal Association
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
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