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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- MS Steel International - UAE
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
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