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