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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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Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
Saturday, 08 May 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND PANAMAX / $ 21500 & SUPRAMAX / $ 18500 PER DAY - VISTAAR SHIPPING
COALspot.com: The BDI continued to go up and was up by 7.57 pct even though the stock markets was severely affected with worries on Greek debt crisi ...
Saturday, 08 May 10
MAHAGENCO TO IMPORT 3.35 MILLION TON OF COAL
COALspot.com: Indian utility Maharashtra State Power Generation Co. Ltd. is in market for 3.35 million tones of imported coal. The purchase of coal ...
Saturday, 08 May 10
NAPOCOR BUYS 122,000 TONS COAL - ABC CBN NEWS
ABC - CBN News reported that, State-run National Power Corp. (Napocor) said on Thursday it awarded 2 contracts for the supply of a total 122,000 ton ...
Saturday, 08 May 10
RICHARDS BAY COAL SHIPMENTS FALL TO AN 11-MONTH LOW - BLOOMBERG
Bloomberg reported that, Coal shipments from Richards Bay Coal Terminal, Africa’s biggest export facility for the fuel, fell to an 11-month lo ...
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- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
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