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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, 26 November 11
THE FREIGHT MARKETS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market were down probably with the sentiments of global financial markets and all segments were down.
The BDI was up down by 4 ...
Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
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- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Ministry of Transport, Egypt
- Australian Coal Association
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Minerals Council of Australia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
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