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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 15 July 11
BUKIT ASAM 1H COAL SALES UP 44 PERCENT
The state-controlled PT Tambang Batubara Bukit Asam Tbk (PTBA) is estimated to post 6.5 million tons of coal sales in the first half of this year, a ...
Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
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- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
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