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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
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