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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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Sunday, 08 January 12
THARPAK CONSORTIUM FORMED TO DEVELOP MEGA ENERGY COMPLEX IN SINDH PROVINCE, PAKISTAN
Press Release: On January 5th, TharPak, LLC met with officials of the Embassy of Pakistan in Washington DC to introduce and announce the formation o ...
Saturday, 07 January 12
COAL MARKETS SEE FALLING SPOT PRICES
COALspot.com – World’s thermal coal spot prices have slipped this week..
globalCOAL index in Newcastle Port, benchmark for Asian mark ...
Friday, 06 January 12
COAL INDIA LINKED COAL PRICES WITH INTERNATIONAL COAL PRICES
COALspot.com - Consumers of indigenous coal in India to pay International prices in the future. Coal India has recently moved from UHV pricing mecha ...
Friday, 06 January 12
CLARIDEN GLOBAL BRINGS YOU INDONESIA MINING 2012
Capitalizing Business & Investment Opportunities in an Uncertain Market.Press Release - Clariden Global brings you Indonesia Mining 2012, the dedi ...
Friday, 06 January 12
THE PANAMAX MARKET EXPERIENCED A SLOW START TO 2012 - FEARNLEYS AS
Handy
As usual after a holiday owners and charterers both try to get a feel of the market. An Armada of Supras were talking to ballast towards USG, ...
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- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
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