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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, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...
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- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
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