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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, 10 May 11
DRY BULK MARKET KEEPS ON RISING, OUTLOOK MIXED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward once again on Monday, with the Baltic Dry Index rising by 0.6% to 1,348, although the Capesize market was 0.57% l ...
Monday, 09 May 11
THAILAND COAL IMPORTS SURGE IN Q1 - ICAP SHIPPING
Thailand's coal imports leapt 20% in Q1 and the country looks set to import its largest ever volume in 2011 as quoted by ICAP Shipping web site.
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Monday, 09 May 11
KOSPO SEEKING 65KT STEAMING COAL
COALspot.com - Korea Southern Power Co (KOSPO) issues tender for 65000 Mt of Steaming Coal Supply with a minimum CV of 4,500 kcal/kg on NAR basis. D ...
Monday, 09 May 11
INDONESIA HBA FALL BELOW $118
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the May 2011 Indonesian Coal Reference Price for thermal coal at US$ 11 ...
Monday, 09 May 11
DIAN SWASTATIKA Q1 PROFIT SOARS 511 PERCENT - INSIDER STORIES
PT Dian Swastatika Sentosa Tbk (DSSA), parent of coal miner PT Golden Energy Mines, reported a 511.73% jump in net profit for the first quarter of t ...
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- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- MS Steel International - UAE
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
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