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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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Friday, 30 November 12
IS INDONESIAN COAL INDUSTRY DEPENDS HEAVILY ON INDIA AND CHINA?
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 35,143,587* tons of coal in October 2012. October exports are 19 ...
Thursday, 29 November 12
BUMI TO PRODUCE 100 MILLION TONS OF COAL BY 2014
COALspot.com - Expansions on both BUMI’ s subsidiaries, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia ( Arutmin) , are ...
Thursday, 29 November 12
PANAMAX : A FAIRLY STEADY MARKET WITH USD 8.5-9K/DAY FOR 2 LADEN LEGS IN ATLANTIC - FEARNLEYS
Handy
The Atlantic market continues to remain quiet due to more supply of ships. Rates from USG to Far East were around USD 18k and Black Sea to Fa ...
Thursday, 29 November 12
DRY BULK MARKET SLIGHTLY HIGHER DESPITE LULL ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market was marginally higher yesterday, according to the industry's benchmark, the Baltic Dry Index (BDI), which rose by 7 points to 1 ...
Wednesday, 28 November 12
NEWBUILDING ORDERING PICKS UP AS SHIP OWNERS LOOK TO CLOSE DEALS BEFORE THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are active once again in the newbuilding ordering market, as they look to clinch deals ahead of the end of the year. Once again their fo ...
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- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Australian Coal Association
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
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