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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
 Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, are too optimistic, analysts say The forecasts underpin the government's expectation of $10.5 billion in revenue from the proposed Mineral Resources Rent Tax over the first two years of its implementation from 2012/13.
Gavin Wendt, senior resources analyst for research firm Mine Life Pty Ltd, said the outlook for thermal coal prices was positive but there was a potential for iron ore prices to fall.
Mr Wendt said government forecasts of decades of iron ore and coal sector growth were "wildly optimistic".
"That's the problem with the tax."
While demand continued to grow for thermal coal, which is used in power generation and is in short supply, the coking coal price was tied to the iron ore price due to its role in steelmaking.
Mr Wendt said demand for iron ore was still very strong but supply was starting to catch up as existing mines expanded and new mines opened to take advantage of several years of high prices.
"I'm still very bullish on demand for iron ore ... which will remain strong because steel production will remain strong," he said.
"But there's no shortage of iron ore.
"It's just a matter of how quickly operations get developed.
"Pricing is probably close to its peak, which means we're slowly starting to see the price tail off.
"The bottom is not going to fall out of the iron ore market but the government is being optimistic when it suits them."
Research and consulting firm Wood Mackenzie says the government won't get any additional revenue from coal if prices fall to levels seen just a few years ago.
The government is expected to fund a one per cent reduction in the corporate tax rate with revenue from the new mining tax, reported by
If coal prices remain strong, coal miners will pay an additional $7.4 billion, or eight per cent in government take over the first five years of the tax, Wood Mackenzie head of coal supply research Gero Farruggio said.
Mr Farruggio said coal miners were already battling strong cost inflation and falling productivity.
"Traditionally Australia is viewed as a low-cost exporter, but in our 2010 global thermal coal export cash cost (of production) rankings it is well down the table in sixth place," he said.
"Indonesia dominates the ranking tables with the largest thermal coal production and lowest average cash cost.
"In contrast to Australia, it (Indonesia) has moved to reduce the level of government take from coal production."
Source: Nine Msn / Hellenic Shipping
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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
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