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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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Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
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