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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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Sunday, 31 July 11
CAPES ARE TRADING BELOW $ 9500 PER DAY - VISTAAR
COALspot.com - The BDI further softened by 4.46 pct and closed at 1264 points which touched below 1300 points after long time. The Cape and Panamax ...
Friday, 29 July 11
5300 ADB COAL WILL BE AT US$ 60/TON IN THIS QUARTER - RAIN
COALspot.com - PT Resource Alam Indonesia Tbk (KKGI) seeing the average selling price of its coal for the third quarter of this year will increase t ...
Thursday, 28 July 11
PTBA'S COAL PRICES UP IN H1 2011
COALspot.com - Bukit Asam’s coal prices in the second half of 2011 will expected to be higher than the first half of this year, said Sukrisno, ...
Thursday, 28 July 11
RESOURCE ALAM 1H PROFIT SURGES 208 PERCENT
Indonesia's tenth largest coal miner in term of concessions, PT Resource Alam Indonesia (KKGI), part of Rain Group, today reported a skyrocket net ...
Thursday, 28 July 11
DRY BULK MARKET EDGES FURTHER DOWN ON ADDED PRESSURE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Baltic Dry Index (BDI), an indicator of dry bulk freight rates has reached new lows this week, with yesterday’s session ending further dow ...
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- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
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