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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, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
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