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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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Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
Saturday, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
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- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- VISA Power Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
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