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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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Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
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