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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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Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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