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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, 09 March 10
STRONG REBOUND IN ALL THE DRY BULK SEGMENTS THIS WEEK
There was a strong rebound in all the dry bulk segments this week, leading to an 18% jump in the Baltic Dry Index.
The Cape and Panamax markets s ...
Tuesday, 09 March 10
L&T POWER EYEING COAL MINES IN AUS, INDONESIA
L&T Power Development Company, a part of the Larsen & Tubro Group, plans to acquire coal mines in Australia and Indonesia, a top company off ...
Tuesday, 09 March 10
BHP AGREES SHORTER-TERM COAL DEALS WITH EUROPEAN, ASIAN CUSTOMERS
Diversified miner BHP Billiton on Monday reported that it had reached sales terms for a significant portion of its hard coking coal volumes for 2010 ...
Monday, 08 March 10
KPCL TO IMPORT 0.9 MILLION TON OF 6000 GCV COAL
COALspot.com: India's Karnataka Power Corporation Ltd is seeking to import 0.9 million metric tons of 6000 kcal/kg (adb) Gross Calorific Value stea ...
Monday, 08 March 10
CHINA SHIPPING TO CARRY MORE COAL FOR SHENHUA
Hellenic Shipping News reported that, China Shipping (Group) Company will expect to ship 40 million tons of coal for Shenhua Group in 2010, Li Shaod ...
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- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- The University of Queensland
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- London Commodity Brokers - England
- Central Electricity Authority - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- White Energy Company Limited
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
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