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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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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Australian Coal Association
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
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