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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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Thursday, 05 May 11
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark, the Baltic Dry Index (BDI) managed to edge higher yesterday, rising by 1.81% to 1,292 points, in the first po ...
Thursday, 05 May 11
AKR NAMES KARUNIA AS COAL CONTRACTOR
Insider Stories reported that, PT AKR Corporindo Tbk has appointed PT Karunia Bumi Khatulistiwa as the contractor of coal mining concession in North ...
Tuesday, 03 May 11
DRY BULK MARKET OUTLOOK SEEN WEAK, AS SHIP OWNERS PILE UP MORE SHIPS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Baltic Dry Index not trading yesterday, it’s worth taking a step back to see the current freight levels. First of all, capesizes and ...
Tuesday, 03 May 11
THE HANDY MARKET CONTINUED TO SLIDE DOWN - BRS
There were marginal increases in rates for the larger sizes this week, with the Cape index remaining stable and the Panamax index logging a 5% incre ...
Monday, 02 May 11
ADARO POSTS 11.7 PERCENT INCREASE IN REVENUES ON HIGHER PRICES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s second-largest coal producer, PT Adaro Energy Tbk, announced an 11.7 percent increase in net reven ...
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- Australian Coal Association
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
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