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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, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the ...
Thursday, 17 November 11
KOMIPO INVITES BIDS FOR 500K MT OF COAL
COALspot.com - Korea Midland Power Co. Ltd.(KOMIPO) is inviting bids for the supply of 500,000 Metric Tons of minimum 5700 kcal/kg coal of NAR bases ...
Thursday, 17 November 11
INDONESIAN GOVERNMENT PLANS TO ISSUE MORATORIUM ON COAL MINING LICENSE
COALspot.com - Energy and mineral resources ministry is plans to issue a moratorium on the issuance of coal mining licenses, after the anti-graft co ...
Wednesday, 16 November 11
KRISHNAPATNAM PORT BECOMES DEEPEST DRAFT PORT IN INDIA
COALspot.com - Krishnapatnam Port in its quest to be the best port in India has increased its draft to 17.5 meters, according to E-Mail statement fr ...
Wednesday, 16 November 11
CHINA'S INDONESIA COAL IMPORTS RISE IN OCTOBER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31,162,688 MT of coal in October 2011.
China was a largest importer of Indonesi ...
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- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
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