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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, 30 March 12
RECOND NUMBERS SURROUNDING THE SUPRAMAX DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Last year proved to be both a record year in the number of deliveries of dry bulkers between 40,000dwt and 64,000dwt, as well as a record year in th ...
Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
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- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
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