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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Australian Coal Association
- Bangladesh Power Developement Board
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
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