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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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Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on cokin ...
Friday, 05 February 10
IN 2010, CHINA COAL OUTPUT TO REACH AROUND 3.3BLN T
It is expected that China's coal production in 2010 will reach around 3.3bln tons. It is predicted that in the first quarter of 2010, the tight coa ...
Thursday, 04 February 10
INDIA REMAINS FIRM - FEARNRESEARCH
CHARTERING - DRY BULK
Handy
The BSI has continued it´s downward movement for 2 weeks now.Nevertheless activity in the atlantic remains bu ...
Thursday, 04 February 10
INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
IPFA TO JOIN INF ...
Thursday, 04 February 10
INDIA`S APPETITE FOR COAL EXPECTED TO RISE SHARPLY
Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian econom ...
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- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- PTC India Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
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