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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 06 January 13
FREIGHT MARKET REMAINED FAIRLY STEADY - VISTAAR
WISH YOU ALL HAPPY NEW YEAR
COALspot.com - The freight market remained fairly steady in spite of Christmas / New Year Holidays. The BDI was almos ...
Saturday, 05 January 13
THE SHIPPING MARKET IN 2012 AND LOOKING FORWARD - BIMCO
Global Economy: Things will go up from here
The global economy continues to grow, albeit at a slower pace than previous years. The slower economic ...
Friday, 04 January 13
DRY BULK MARKET LOOKING FOR DIRECTION IN FIRST TRADING DAYS OF THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is actively looking for its footing at the start of the New Year, as charters have been scarce, as is usually the case during th ...
Thursday, 03 January 13
INDONESIAN SUB-BITUMINOUS COAL SWAPS CLOSED US$ 6.86 HIGHER FOR 2014 DELIVERY
COALspot.com - Swaps prices were changed positively for thermal coal for loading in the first quarter from Indonesia, according to SGX AsiaClear OTC ...
Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS
Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering ...
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- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
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