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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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Monday, 31 December 12
"DISTRESSED", "ECO" AND "FINANCE" ARE THE THREE WORDS WHICH CHARACTERIZED 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2012 was yet another year of speculation, anticipation, pessimism and more speculation in the shipping markets. According to the latest weekly repor ...
Saturday, 29 December 12
SHIPBREAKING YARDS IN INDIA DEMOLISH A TOTAL OF 527 VESSELS IN 2012, BREAKING ALL PREVIOUS RECORDS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
India's ship demolition experts of Star Matrix contemplated this week on the issue of why ships in the range of 1,000 and up to 6,500 liquid tons ( ...
Thursday, 27 December 12
A LOOK AT WORLD TRADE PATTERNS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
While China's leaders are likely to stick with the 2012 economic growth rate of 7.5% when they chart a course for 2013 - its weakest pace since 199 ...
Thursday, 27 December 12
INDONESIA SHIPPED 33.578* MMT COAL IN NOVEMBER
COALspot.com: Indonesia, the world largest multi grade coal exporter has shipped 33.578* million tons of coal in November 2012. thi ...
Wednesday, 26 December 12
UPDATE ON EXPORT BAN ON RAW MINERALS AND ORE - RITA SUSANTO
COALspot.com - In May 2012, the Minister of Energy and Mineral Resources (“MoEMR”) in Regulation No.7 (“Reg-7”, amended by R ...
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- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
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