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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
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