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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, 03 August 11
DRY BULK MARKET SINKS TO THREE-MONTH LOWS, BUT CAPESIZES COULD TURN THINGS AROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on falling this week, on the back of slow cargo demand amid the summer season. Yesterday, the BDI (Baltic Dry Index), the i ...
Tuesday, 02 August 11
INDONESIA BECOMES SECOND LARGEST COKING COAL EXPORTER
COALspot.com - Indonesia, the largest thermal coal exporter in the world now becomes second biggest coking coal exporter to Japan. Indonesian’ ...
Tuesday, 02 August 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK TO PRESENT LATEST TRENDS
Press Release - Global commodities prices have been staying high since the beginning of 2011, resulting in the “TENSION” in various coun ...
Tuesday, 02 August 11
REALM RESOURCES TO ACQUIRE A 75% INTEREST IN THE KATINGAN RIA COAL PROJECT
COALspot.com - Scoping study at the Katingan Ria Coal Project, Central Kalimantan demonstrates positive technical and financial potential for the pr ...
Tuesday, 02 August 11
COAL INDIA TO INVEST IN GOLDEN ENERGY MINES
COALspot.com - Golden Energy Mines, part of PT Dian Swastatika Sentosa Tbk’s, is still negotiating with several strategic investors to o ...
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- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
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