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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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