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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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Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- PTC India Limited - India
- Agrawal Coal Company - India
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