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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, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
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- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Planning Commission, India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
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