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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, 09 December 12
LOW DEMAND PUSHES CHARTER RATES TOWARDS DOWN - VISTAAR
COALspot.com - The freight market has softened and BDI, The Baltic Dry Index, a measure of shipping costs for dry bulk goods, plunged below 10 ...
Friday, 07 December 12
A NEW PHASE FOR AUSTRALIAN RESOURCES - A FITCH STREET INTERVIEW
This week Matt Jamieson spoke with Andrew Colquhoun in Fitch's Asian sovereign rating team, and Vicky Melbourne, Fitch's commodity analyst based i ...
Friday, 07 December 12
SHIPPING INDUSTRY LOOKING ON YET ANOTHER TOUGH YEAR AS WE APPROACH 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With shipping finance "on the ropes" as traditional lenders appear to be cutting their losses and tonnage oversupply still the most import ...
Thursday, 06 December 12
PANAMAX : THE POSITIVE VIBES IN THE ATLANTIC REMAINS - FEARNLEYS AS
Handy
The Atlantic market is still depressed with dearth of cargoes and more ships. The trips from Continent to Feast fixed around USD 12k. Trips f ...
Thursday, 06 December 12
STRONG CHINESE DEMAND FOR DRY BULK COMMODITIES EXPECTED FOR 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A new analysis from BIMCO released yesterday suggests that 2013 is expected to be a stronger year in terms of China's "hunger" for commod ...
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- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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