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