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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
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