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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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- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Posco Energy - South Korea
- PTC India Limited - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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