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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
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- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Minerals Council of Australia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
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