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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, 28 September 11
ATLAS RESOURCES TO SELL 25% STAKE IN IPO - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, plans to sell 783.33 m ...
Tuesday, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
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- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
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