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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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Tuesday, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
Monday, 16 May 11
INDO TAMBANG 1Q SALES REVENUE UP - INSIDER STORIES
Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) ...
Sunday, 15 May 11
THE FREIGHT MARKET REMAINED SOFT - VISTAAR
COALspot.com - "The freight market overall remained soft", said Capt. Reddy, Director of Vistaar Shipping Singapore. He further added, &qu ...
Saturday, 14 May 11
WELSPUN TO ACQUIRE AN INDONESIAN COAL MINE - MEDIA
The India based Welspun Power and Steel Ltd is planning to acquire 456,000 shares in PT Batubara Energy Indonesia, representing 75% interest, accord ...
Saturday, 14 May 11
DRY BULK MARKET ON A DOWNFALL ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what is now pretty clear will be yet another challenging year for dry bulk ship owners, the Baltic Dry Index returned to its usual pattern of dec ...
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- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- The University of Queensland
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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