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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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Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking sta ...
Tuesday, 04 October 11
INDONESIA RAISES COAL BENCHMARK (HBA) FOR FIRST TIME IN 4 MONTHS
COALspot.com - Indonesia raised the monthly reference price for sales in October by 2.56 percent, the first increase since June.
The Ministry of ...
Tuesday, 04 October 11
COAL MINING GROUP WANTS EXPORT TAX, NOT EXCISE - JG
One of the leading English news paper in Indonesia, The Jakarta Globe reported that, the government shall reimpose a duty on coal exports, classifyi ...
Sunday, 02 October 11
INDIAN COAL IMPORTS PICKED UP - CAPT. REDDY
COALspot.com - The BDI dropped by 1 pct and Cape index dropped by 6 pct closing at 1,899 points and 3,136 points respectively. However all other seg ...
Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating ...
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- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
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