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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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Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
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