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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, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- Aditya Birla Group - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Videocon Industries ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
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