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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, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
Monday, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
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- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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