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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, 17 May 10
INDONESIA SHIPPED 15.51 PERCENT LESS COAL IN APRIL THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 23,331,542 MT of coal in April 2010, compare to 27.61 million tons in ...
Monday, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
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- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Planning Commission, India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
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