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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
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- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- The University of Queensland
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- PTC India Limited - India
- Ambuja Cements Ltd - India
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