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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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Saturday, 28 May 11
WCI-CHINA RATES SLIDED TO 15K AND FROM ECI AROUND 12K - FEARNLEYS AS
Handy
Rates in the Atlantic remain steady/flat with the Black Sea remaining quiet with little fresh enquiries. The Continent is seeing more tonnag ...
Saturday, 28 May 11
GOLDEN MINES IPO AT RP 2,300 - RP 3,500
Coal miner PT Golden Energy Mines, a wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA) which is controlled by Indonesian businessman ...
Friday, 27 May 11
LARGER DRY BULK CARRIERS LEAD BDIS RALLY THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Larger dry bulk vessels have kept on leading the market’s rise this week, with the BDI (Baltic Dry Index) rising by a more than healthy 3.43% ...
Wednesday, 25 May 11
70 PERCENT OF HARUMS PRODUCTION SOLD - BISNIS INDONESIA
Coal producer PT Harum Energy Tbk claimed that out of this year's total production target of 10 million tons, 70% or 7 million tons had been sold, ...
Wednesday, 25 May 11
MINERS BACK GOVT PLAN TO FREEZE MINING PERMITS - THE JAKARTA POST
Indonesian coal miners hailed the government’s decision to impose a moratorium on the issuance of new mining permits, saying the freeze would ...
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- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Orica Mining Services - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
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