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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Thursday, 09 June 11
INDIKA AIMS TO PRODUCE 31 MILLION TONS OF COAL IN 2011 - THE JAKARTA POST
The Jakarta Post, a leading English news paper in Indonesia reported that, PT Indika Energy Tbk, an integrated energy company, is targeting to incre ...
Wednesday, 08 June 11
BAYAN TO DISTRIBUTE RP. 80 ( APPROX. US$ 0.00939850) PER SHARE DIVIDEND
Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by business Dato' Low Tuck Kwong, will distribute Rp80 a share dividend or Rp266.7 bil ...
Wednesday, 08 June 11
CBM PRODUCTION FROM AUSTRALIA, CHINA, INDIA, AND INDONESIA IS EXPECTED TO WITNESS A SIGNIFICANT INCREASE BY 2015
Press Release - According to Global Data (December 2010), CBM production in Australia, China, India, and Indonesia is expected to witness a signific ...
Sunday, 05 June 11
COAL IMPORTS BY CHINA IS LIKELY TO INCREASE - VISTAAR SINGAPORE
COALspot.com - The freight market softened this week except for the BDI and Cape index was up, but even in these sectors the momentum was compared t ...
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- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
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