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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, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
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- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
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