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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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Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Australian Coal Association
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
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