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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- PTC India Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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