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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 07 March 10
SHIPS WERE FIXED AT AROUND US$ 16,000 PER DAY FOR TRIP VIA INDONESIA TO INDIA - CAPT. REDDY
COALspot.com: The freight market was quite buoyant this week and BDI was up by 18 pct . The Cape index up by 23.60 pct and Panamax index was up by 1 ...
Saturday, 06 March 10
ESSAR TO BUY US COAL FIRM FOR $550-600 MN
Business-Standard reported that, the Essar Group is close to buying Trinity Coal, one of the top 10 coal producers in the US, in a deal worth $550-6 ...
Friday, 05 March 10
KARNATAKA POWER SEEKS 900,000 TONS STEAMING COAL OVER 9 MONTHS
Bloomberg reported that, Karnataka Power Corp., an Indian electricity generator, is seeking to import 900,000 metric tons of steaming coal over nine ...
Friday, 05 March 10
COAL RALLY ON CHINESE DEMAND SPARKS $59 ESTIMATES
Bloomberg reportd that, A rally that has boosted coal prices 21 percent from their lows last year may have further to go as the coldest U.S. winter ...
Thursday, 04 March 10
BANPU KEEPS JORONG OUTPUT AT 2M TONNES
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, is maintaining an output target of 2 million tonnes this year from its Jorong mi ...
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- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- The University of Queensland
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Romanian Commodities Exchange
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