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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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Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
Sunday, 15 January 12
THE FREIGHT MARKET CONTINUED TO BLEED - VISTAAR
COALspot.com - "The markets continued to bleed with BDI touching almost 1000 points , almost reaching the collapse of 2008 levels," said C ...
Saturday, 14 January 12
GOLDEN MINES TO SUPPLY 4 MIO TONS - INSIDER STORIES
Insider Stories reported that, Coal miner under Sinarmas Group PT Golden Energy Mines Tbk (GEMS), a subsidiary of PT Dian Swastatika Sentosa Tbk (DS ...
Friday, 13 January 12
DIFFICULT START OF 2012 FOR DRY BULK MARKET SEEN HARD TO CHANGE IN THE COURSE OF THE YEAR, UNLESS DEMOLITION PICKS UP
The dry bulk market has been on a freefall this week after a rocky start to the new year. Yesterday, the BDI (Baltic Dry Index) the industry's benc ...
Thursday, 12 January 12
DRY BULK MARKET CRASHING AT START OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept being on freefall mode yesterday, with the industry's benchmark, the BDI (Baltic Dry Index) losing a massive 5.17% on ...
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- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
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