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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- MS Steel International - UAE
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
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