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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
 Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, are too optimistic, analysts say The forecasts underpin the government's expectation of $10.5 billion in revenue from the proposed Mineral Resources Rent Tax over the first two years of its implementation from 2012/13.
Gavin Wendt, senior resources analyst for research firm Mine Life Pty Ltd, said the outlook for thermal coal prices was positive but there was a potential for iron ore prices to fall.
Mr Wendt said government forecasts of decades of iron ore and coal sector growth were "wildly optimistic".
"That's the problem with the tax."
While demand continued to grow for thermal coal, which is used in power generation and is in short supply, the coking coal price was tied to the iron ore price due to its role in steelmaking.
Mr Wendt said demand for iron ore was still very strong but supply was starting to catch up as existing mines expanded and new mines opened to take advantage of several years of high prices.
"I'm still very bullish on demand for iron ore ... which will remain strong because steel production will remain strong," he said.
"But there's no shortage of iron ore.
"It's just a matter of how quickly operations get developed.
"Pricing is probably close to its peak, which means we're slowly starting to see the price tail off.
"The bottom is not going to fall out of the iron ore market but the government is being optimistic when it suits them."
Research and consulting firm Wood Mackenzie says the government won't get any additional revenue from coal if prices fall to levels seen just a few years ago.
The government is expected to fund a one per cent reduction in the corporate tax rate with revenue from the new mining tax, reported by
If coal prices remain strong, coal miners will pay an additional $7.4 billion, or eight per cent in government take over the first five years of the tax, Wood Mackenzie head of coal supply research Gero Farruggio said.
Mr Farruggio said coal miners were already battling strong cost inflation and falling productivity.
"Traditionally Australia is viewed as a low-cost exporter, but in our 2010 global thermal coal export cash cost (of production) rankings it is well down the table in sixth place," he said.
"Indonesia dominates the ranking tables with the largest thermal coal production and lowest average cash cost.
"In contrast to Australia, it (Indonesia) has moved to reduce the level of government take from coal production."
Source: Nine Msn / Hellenic Shipping
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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Jaiprakash Power Ventures ltd
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- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
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- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
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- Meralco Power Generation, Philippines
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- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
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- Independent Power Producers Association of India
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- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
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- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
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- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
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- PowerSource Philippines DevCo
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- Parliament of New Zealand
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- Bhoruka Overseas - Indonesia
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- Global Business Power Corporation, Philippines
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- Chamber of Mines of South Africa
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- MS Steel International - UAE
- Singapore Mercantile Exchange
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- PTC India Limited - India
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- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
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- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
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- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
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- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
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- Bulk Trading Sa - Switzerland
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- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
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- Thai Mozambique Logistica
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- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
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- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
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- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
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- Planning Commission, India
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- Kumho Petrochemical, South Korea
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