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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, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
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