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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, 25 March 10
THE INDIAN MARKET IS STILL FIRM - FEARNLEYS AS
Handy
A sluggish start to the week in the Atlantic with little fresh busin ...
Tuesday, 23 March 10
NINE COMPANIES WIN 20-YEAR COAL CONTRACTS - TEMPO
Tempo Interactive reported that, State Eletricity Company (Perusahaan Listrik Negara) revealed four joint ventures and one company winning coa ...
Monday, 22 March 10
INDONESIA`S MERUKH WINS US$3 BLN SWISS CONTRACT TO SUPPLY COAL - ANTARA
Antara Reported that, Indonesia's PT Merukh Enterprises said it has secured a 30-year contract to supply coal to Swiss buyer Glencore International ...
Monday, 22 March 10
INDIA TO IMPORT COLOMBIAN COAL FOR FIRST TIME AS DEMAND SURGES - BLOOMBERG
Bloomberg reported that, Adani Enterprises Ltd., India’s biggest coal importer, agreed to buy thermal coal from Colombia for the first t ...
Saturday, 20 March 10
NO MAJOR CHANGES ON SUPRAMAX MARKET FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: “The dry bulk freight market continued to be firm on the Panamax and Supramax and Handy size vessels”, said Capt. Reddy MD ...
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- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Australian Coal Association
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
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