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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, 20 July 11
DRY BULK MARKET KEEPS ON FALLING ON SOFTENING CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated to lower ground on Tuesday, as the industry’s benchmark, the BDI (Baltic Dry Index) fell to 1,330 points, down b ...
Tuesday, 19 July 11
82 MIO TONS OF COAL TO BE SUPPLIED FOR DOMESTIC MARKET
Indonesian Coal miners were required to supply 82 million tons of coal to Domestic market in this year. This is a 2.53 percent higher than last year ...
Monday, 18 July 11
IMFA BUYS A INDONESIAN COAL MINE FOR USD 8.7 M
Indian Metals and Ferro Alloys (IMFA), the largest producer of ferro chrome in the country, today said it has acquired 70 per cent stake in an Indones ...
Sunday, 17 July 11
THE COAL PRICES ARE SOFTENING DUE TO LESS DEMAND - VISTAAR
COALspot.com: The markets were down last week with BDI down by 6.63 points and closing at 1,353 points. The most affected was Cape index which was d ...
Friday, 15 July 11
DRY BULK MARKET SUFFERS NEW BLOW, RETREATS EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell even lower yesterday on the back of lower demand for larger vessels, like Capesizes and Panamaxes. The industry’s ben ...
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- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
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