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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 January 13
INDO - INDIA NOW AT APS $ 8K + BB USD 90000 - FEARNLEYS AS
Handy
The Atlantic market remains stable as supply of tonnage is still in excess of demand. USG- Far east fixed at $18k and CONT-FEAST at $ 11k. Pa ...
Thursday, 24 January 13
DRY BULK MARKET FALLS ON TROPICAL CYCLONE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on the downside during the past couple of days, mainly as a result of the tropical storm which forced ports to close do ...
Tuesday, 22 January 13
PORT OF ANTWERP HANDLES 7.0 PERCENT MORE COAL IN 2012 Y-Y
COALspot.com - The port of Antwerp handled 184,134,516 tonnes of freight last year.
This represents a drop of 1.6% compared with 2011, when the v ...
Monday, 21 January 13
NEWCASTLE PORT SHIPPED 10.21 PERCENT LESS COAL W/E 21 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,804,152 MT of thermal and coking coal for week ended 0700 hours 21 January 2013, Newca ...
Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and ...
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- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
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