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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, 18 November 10
MUNDRA PORT AWARDED BEST PRIVATE PORT - COMMODITY ONLINE / HELLENIC SHIPPING
Adani Group owned, Mundra Port has been awarded the Annual Indian Maritime Gateway Award for the Best Private Port of the Year for the third consecu ...
Wednesday, 17 November 10
DRY BULK MARKET LOOKING FOR SUPPORT IN COAL TRADES AND INDIAN IRON ORE EXPORTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Nikos Roussanoglou, Hellenic Shipping reported that, the dry bulk market is lacking support to end its 13-day slide, as evidenced by Monday’s ...
Tuesday, 16 November 10
'VALLAR PLC' TO BECOME 'BUMI PLC' POST DEAL - THE JAKARTA POST
The Jakarta Post reported that, The United Kingdom’s Vallar Plc will change its name to Bumi Plc following a cash and stock transaction with t ...
Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal c ...
Sunday, 14 November 10
THE FREIGHT MARKET CONTINUED ITS DOWN FALL - VISTAAR SINGAPORE
COALspot.com: The freight market continued its down fall with BDI down by 7.29 pct and closed at 2,313 points.
All other segments were also under ...
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- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
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