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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, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
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