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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
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- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Planning Commission, India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
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