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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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Monday, 17 May 10
INDONESIA SHIPPED 15.51 PERCENT LESS COAL IN APRIL THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 23,331,542 MT of coal in April 2010, compare to 27.61 million tons in ...
Monday, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
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- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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