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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Romanian Commodities Exchange
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