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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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Monday, 10 October 11
MOZAMBIQUE CHANNEL TO BE THE NEW PIRACY HOTSPOT FOR THIS YEAR SAYS MARITIME SECURITY EXPERT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Mozambique Channel, as well as the entrance to the Persian Gulf, are expected to become some of the new pirate hotspots for piracy, says Richard ...
Sunday, 09 October 11
FREIGHT MARKET ENDED WITH A POSITIVE DIRECTION - VISTAAR
COALspot.com - The market ended with a positive note with all the segments up except for handy size. The biggest gainer was Panamax index up by 11 p ...
Saturday, 08 October 11
INDONESIAN MINER PLANS $167M IPO TO FUEL SUMATRA COAL BOOM - JG
The Jakarta Globe reported that, coal miner Atlas Resources aims to raise as much as Rp 1.5 trillion ($167 million) in an initial public offering to ...
Friday, 07 October 11
MINING REGULATIONS , OBSTACLES AND GROWTH : INDIA VS INDONESIA - SUNIL K KUMBHAT
COALspot.com - The Govt of India has passed long pending Mines & Minerals (Regulation and Development) Bill, 2011, which seeks to replace ...
Friday, 07 October 11
$100M FOR EXPANSION INTO KALIMANTAN MINING: AKR
The Jakarta Globe, one of the leading English news paper in Indonesia reported that, AKR Corporindo, a fuel and chemical distributor, has set aside ...
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- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- VISA Power Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
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