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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, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were hig ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
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- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
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