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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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- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- The University of Queensland
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
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