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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, 29 November 11
DRY BULK MARKET BEGINS WEEK ON HIGHER NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Contrary to what had been the case during the past few weeks, this one began on a high note for the dry bulk market, with the Capesize sector pullin ...
Monday, 28 November 11
CITING CONTRACTS, MINING FIRMS ARE NOT PAYING ROYALTIES UNDER LAW - THE JAKARTA POST
The Jakarta Post reported that, when the 2009 Law on Minerals and Coal was endorsed, hopes that Indonesia could maximize its revenue from the minera ...
Monday, 28 November 11
NEW ENVIRONMENTAL MARINE REGULATIONS TO IMPACT SHIPPING IN 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
August of next year will see some major changes for marine navigation. It’s when the North American ECA will come into force, introducing a 1% ...
Sunday, 27 November 11
INDIA'S KPCL TO IMPORT 50 MMT OF COAL FOR 10 YEARS
COALspot.com - Karnataka Power Corporation Limited (KPCL) will buy 5 million metric tonnes of coal annually for 10 years starting from 2015.
In a ...
Saturday, 26 November 11
INDIAN PORTS ARE BECOME COAL STOCKPILES..!!
COALspot.com - The Indian coal stocks and power tariff situation is the hot topic among the world coal producers as well as Indian coal importers.&n ...
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- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- The University of Queensland
- MS Steel International - UAE
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Planning Commission, India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
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