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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Wednesday, 27 April 11
DRY BULK MARKET LACKS ACTIVITY, RATES KEEP RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Easter Holidays for a large of the world now behind, the dry bulk market kept lacking activity on Tuesday, which led the Baltic Dry Index ( ...
Tuesday, 26 April 11
NTPC CALLS TENDER FOR 4 MLN TON OF NON-COKING COAL
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, is the largest thermal power gener ...
Monday, 25 April 11
THE FUTURES FOR THREE YEARS WAS AT AROUND PANAMAX/US$ 14,000 PER DAY & SUPRAMAX/US$ 14,000 PER DAY - VISTAAR
COALspot.com - The freight market continued to soften further with all segments down except for the handy size which was marginally up by 10 points. ...
Saturday, 23 April 11
GUPTA COAL TO BAG ONE MILLION TONS OF COAL SUPPLY ORDER FROM KPCL AT AROUND US$ 127.53 PMT
COALspot.com - Karnataka Power Corporation (KPCL), a state utility of Karnataka, India has secured its one million tons of thermal coal with c ...
Saturday, 23 April 11
STRAITS ASIA SETS 11.5 MIO TONS OUTPUT - INSIDER STORIES
Insider Stories reported that, Singapore-listed Straits Asia Resources Limited plans to jack up its coal output target of 8.5% to 11.5 million tons ...
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- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Planning Commission, India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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