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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, 11 February 10
THE INDIAN MARKET SOFTENING A BIT - FEARNRESEARCH
Handy
The BSI has gone down for 3 weeks now but it is more a reflection of the Pac market. Activity in the Atl remains solid and rates remain firm ...
Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
Wednesday, 10 February 10
JPMORGAN FORECASTS A 5.7% GROWTH IN SEABORNE IRON ORE SHIPMENTS, 3.8% FOR COAL AND GRAIN THIS YEAR
This year volumes of iron ore transportation by sea may grow to 5.7%, coal and grain up 3.8% over numbers in 2009, Ukrrudprom reports citing analyst ...
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- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- VISA Power Limited - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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