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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- The University of Queensland
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
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