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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, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
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