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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, 13 April 11
CAPESIZE VESSELS ARE DELIVERED AT A PACE OF ONE NEW VESSEL EVERY SECOND DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a clear sign that it will take a significant rise in global seaborne dry bulk trade in order to be able to absorb the flurry of new building tonn ...
Sunday, 10 April 11
SOFT FREIGHT MARKET TREND LIKELY TO BE CONTINUED - VISTAAR SHIPPING
COALspot.com - The freight market continued to soften further with the BDI breaking the 1,500 points and closing at 1376 points down by almost 10 pc ...
Thursday, 07 April 11
HANDY RATES SLIDING NOW - FEARNBULK
Handy
Slowly softening rates as more tonnage is accumulating in the Atlantic basin.The trans-Atlantic round is around $15k pd with trips to ...
Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the large ...
Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug ...
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- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Planning Commission, India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
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