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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 15 September 11
INDIAN GOVT PLANS TO DEVELOP 9 NEW MAJOR PORTS BY 2016 - INVEST MONEY / HELLENIC SHIPPING
The government has announced to make a investment of more than Rs 22,000 crore (approximately US$ 4,623,791,331) to develop nine new major ...
Thursday, 15 September 11
BOTSWANA COAL AND ENERGY CONFERENCE 2011
Press Release - Botswana Coal and Energy Conference 2011 | 29-30 November 2011 | Gaborone. Botswana represents Africa’s exciting new coal and ...
Thursday, 15 September 11
DRY BULK MARKET EDGING FURTHER UP THE SCALE, CLOSING IN ON 2,000 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was up once again yesterday, reaching 1,927 points, or 1.375 higher on the day. Thus, it has kept its rising trend established d ...
Wednesday, 14 September 11
INDO STRAITS BAGS 2.4 MILLION TON COAL TRANSPORTATION CONTRACT FROM ARUTMIN
COALspot.com - PT Indo Straits Tbk (PTIS) bagged a contract to tranship about 2.40 million tons of coal over an initial period of 6 months fro ...
Wednesday, 14 September 11
DUTA PERTIWI DISCOVERS COAL RESERVE - INSIDER STORIES
Insider Stories reported that, PT Duta Pertiwi Nusantara Tbk (DPNS) yesterday steeply jumped 24.56% to Rp710 a share after the company discove ...
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- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
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