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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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Wednesday, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
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