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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, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
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- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
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