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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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Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
Monday, 13 September 10
FREIGHT MARKETS MAY BE A BIT SOFT THIS WEEK - VISTAAR SINGAPORE
COALspot.com: The freight market continued its upward trend with the BDI almost touching 3000 points. However the uncertainty seems to continue with ...
Friday, 10 September 10
INDONESIAN RAILWAY CONTRACT STILL UP FOR BIDDING - LOGISTICS WEEK
The tender process for a $2.2bn project to build a coal-transporting railway line in Central Kalimantan province, Indonesia, is still underway and n ...
Friday, 10 September 10
WCI INTO CHINA WITH IRON ORE ARE AIMING AROUND $ 20K - FEARNBULK
Handy
The rates are firm in every corner of the world. However it still looks Atlantic/Baltic/Black Sea offer better employment opportunities for ...
Thursday, 09 September 10
INDIANS BALCO TO BUY 50 K OF 3,000 TO 4,500 GAR CALORIFIC VALUE COAL
COALspot.com: Bharat Aluminium Company Limited (BALCO) is a subsidiary of Sterlite Industries (India) Limited and part of Vedanta Resources PLC, a L ...
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- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Planning Commission, India
- MS Steel International - UAE
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
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