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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, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
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- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Parliament of New Zealand
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
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