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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, 03 January 13
DRY BULK DEMAND TO KEEP RISING IN 2013, DRY BULK SHIP PRICES TO KEEP FALLING SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In a recent report on the future of the shipping markets, DVB bank said that dry bulk demand is expected to keep on growing in the coming years, mai ...
Wednesday, 02 January 13
NEWCASTLE PORT SHIPPED 23.61 PERCENT MORE COAL W-W
COALspot.com - Newcastle port in Australia has loaded 3,533,183 MT of thermal and coking coal for week ended 0700 hours 31 December 2012, Newc ...
Wednesday, 02 January 13
DRY BULK MARKET TO STAY ELEVATED IN START OF 2013 BUT THE NEW YEAR WILL NOT BE WITHOUT TURBULENCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its regular update on the dry bulk market, BIMCO forecasted, that Capesize time-charter rates are expected to stay elevated in the following six ...
Monday, 31 December 12
KOSEP IS LOOKING FOR 280K MT OF 4600 NCV COAL FOR APRIL - JUNE 2013
COALspot.com : South Korean state-owned utility Korea South-East Power Co., Ltd. (KOSEP), has issued an new tender for prompt supply of 280,00 ...
Monday, 31 December 12
VALE CELEBRATES ARRIVAL OF "VALE SOHAR" BULK CARRIER TO SULTANATE WITH MEMBERS OF COMMUNITY
'Vale Sohar', one of the largest bulk carriers in the world, was welcomed to Oman by members of the North Al Batinah community headed by H.E. Shei ...
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- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Minerals Council of Australia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
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