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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, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
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