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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, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
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