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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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Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establi ...
Monday, 05 April 10
MARCO POLO MARINE SECURES US$20 MILLION 4-YEAR COAL TRANSSHIPMENT CONTRACT
COALspot.com: Accordign to Mraco Polo Marine website, Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logisti ...
Saturday, 03 April 10
SHIPS OPENING FAREAST CONTINUE TO BE STRUGGLING FOR CARGOES - VISTAAR
COALspot.com: The dry bulk freight market continues to be under pressure and all the indices were down this week except for Cape size index which wa ...
Friday, 02 April 10
XSTRATA RAISES BENCHMARK COAL PRICE AS MUCH AS 40% - BLOOMBERG
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used for power, raised benchmark prices for the fuel to an unidenti ...
Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
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- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
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