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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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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
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