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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, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Australian Coal Association
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
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