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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Saturday, 15 October 11
BUNKER PRICES AND DEMANDS PUSHED FREIGHT RATES UP - VISTAAR
COALspot.com - The market continued to be firm with all segments moving up with biggest gain in Handy size segment up by 15 pct. The BDI was u ...
Saturday, 15 October 11
BENGAL COAL IMPORT TEST - THE TELEGRAPH
The Telegraph reported that, the power position in Bengal improved today but alarm bells are ringing over imported coal stocks that are running out ...
Friday, 14 October 11
CAPE DERIVATIVES MARKET HAS NOT REFLECTED OWNERS EXPECTATIONS' - FEARNBULK
Handy
The Atlantic market continued its upward trend, with fresh cargo entering the market. Skaw Passero to US Gulf climbed US$ 1500 from la ...
Friday, 14 October 11
ADARO BUYS SERVO MEDA FOR RP200 BIO - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) announced that its subsidiary PT Alam Tri Abadi (ATI), acquired 35% stake in PT Serv ...
Thursday, 13 October 11
DRY BULK MARKETS RALLY CONTINUES, BUT ANALYSTS WARN IT WILL BE SHORTLIVED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market continued its push forward yesterday, for yet another session, as the BDI (Baltic Dry Index), the industry’s benchmark edg ...
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- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- White Energy Company Limited
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
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