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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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Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
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- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
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