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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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Sunday, 21 November 10
THE FREIGHT MARKET MAY SLIGHTLY FIRM UP NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market continued its down fall with BDI down by 6.83 pct and closed at 2,155 points.
According to Vistaar Shipping of S ...
Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
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- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Planning Commission, India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
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