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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, 04 March 10
THE INDIAN MARKET WAS STILL STRONG - FEARNRESEARCH
HANDY
Activity has gradually improved in the Atlantic throughout the week. All areas&n ...
Thursday, 04 March 10
GLOBAL COAL PRICES GETS SUPPORT FROM EM DEMAND
Commodity Online reported that, AP12 coal prices look well supported in 2010 thanks to positive outlook for Chinese coal demand whereas coal demand ...
Thursday, 04 March 10
THREE NEW GLOBAL PRICES INDEXES FOR COKING COAL
Commodity Online reported that, On February 26, Energy Publishing Co. broke new ground in the coal-marketing industry when it began publishing three ...
Tuesday, 02 March 10
INDIA WAS AGAIN THE WINNER IN THE EAST, WITH SUPRAMAXES FIXING CLOSE TO US$40,000/DAY FROM THE WEST COAST
There was little movement in the BDI this week but behind the scenes, the Supramax and Handy size segments posted significant gains, correcting the ...
Tuesday, 02 March 10
INDONESIA'S PROTECTED FORESTS NOW OPEN TO DEVELOPMENT
The Jakarta Globe reported that, President Susilo Bambang Yudhoyono has signed a decree to allow mining, power plants and other projects deemed stra ...
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- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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