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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
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