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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
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