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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
Monday, 13 June 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 1.2 PERCENT IN JUNE
COALspot.com - The Ministry of Energy & Mineral Resources sets coal spot price benchmark for June 2011 at US$ 119.03 per ton, higher than US$ 1. ...
Sunday, 12 June 11
THE FREIGHT MARKET IS LIKELY TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued to soften this week except for Panamax index. The BDI was down by about 4.77 pct and closed at 1,418 poi ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Friday, 10 June 11
BUKIT ASAM RECORDED RP1.3 TRILLION PROFIT IN MAY - TEMPO INTERACTIVE
Tempo Interactive reported that, PT PT Tambang Batubara Bukit Asam Tbk (PTBA) made a net profit of Rp 1.3 trillion (approx. US$ 152,779,410) at the ...
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- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Australian Coal Association
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
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