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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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Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
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- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
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