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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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Friday, 02 December 11
DRY BULK CARRIERS BACK IN THE SPOTLIGHT AS MARKET SPEEDS UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the tanker and container markets suffering dearly, it seems that the tide has once again turned in favor of the dry bulk carriers, despite over ...
Thursday, 01 December 11
DRY BULK MARKET RISES TO NEW HEIGHTS ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on rising this week, with the industry’s benchmark, the Baltic Dry Index (BDI) climbing to 1,846 points on Wednes ...
Tuesday, 29 November 11
SOUTH AFRICAN COAL INTO CHINA, THE ACTIVITY WAS SLOW - BRS
Capesize
The Capesize market in Atlantic stayed pretty firm last week with transatlantic rounds being fixed in the high twenties. Sentiment was les ...
Tuesday, 29 November 11
GOLDEN GATE BRIDGE OF INDONESIA COLLAPSED AT KUKAR, EAST KALIMANTAN
COALspot.com - A suspension bridge in Indonesia’s east Kalimantan province over the Mahakam river collapsed on Saturday, killing at least elev ...
Tuesday, 29 November 11
BUKIT ASAM SCOUTS RP3 TRILLION PROFIT - INSIDER STORIES
The state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects to post a Rp3 trillion net income this year, reaching its target which is 50% above ...
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- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
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