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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, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
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- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
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