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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, 13 December 11
CAPESIZES AND PANAMAXES LEAD DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched closer to the 2,000 mark on Monday, with Panamaxes rebounding firmly and leading the gains. As a result, the industry&rsq ...
Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
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- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
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