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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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Saturday, 10 April 10
VESSELS OPEN N. CHINA WERE SEEN FIXED AT HIGH TEENS FOR TRIP VIA INDONESIA TO INDIA - VISTAAR SINGAPORE
COALspot.com: The BDI indices was almost at same levels was down by only 2.6 pct.
The cape index was down by almost 13 pct, which appears to be s ...
Saturday, 10 April 10
KRISHNAPATNAM PORT GROWS BY ALMOST 100% IN ITS SECOND YEAR OF OPERATIONS
COALspot.com ( Press Release): It has been a year of setting numerous records for Krishnapatnam Port. Krishnapatnam Port is only in its second year ...
Saturday, 10 April 10
TRANS-ASIA SEEKS SEMIRARA, INDO SUPPLIERS FOR COAL POWER PLANT - MANILA STANDARD TODAY
Manila Standard Today reported that, Trans-Asia Oil & Energy Development Corp., a unit of the Phinma Group, will tap Semirara Mining Corp. ...
Thursday, 08 April 10
THE FAR EAST SHIPPING MARKET FIRMING SINCE THE LAST WEEK
Handy
Little fresh interest early this week after the holidays. The BSI saw yest ...
Thursday, 08 April 10
INDONESIAN ENERGY MINISTRY SEEKS LONGER MINING CONTRACTS - THE JAKARTAGLOBE
The Jakarta Globe reported that, Energy Minister Darwin Zahedy Saleh said he would seek to amend the mining law to address investors’ complain ...
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- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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