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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Sunday, 17 January 10
THE FUTURES FOR THREE YEARS (2010 - 2012) FIRMED UP - VISTAAR SINGAPORE
COALspot.com (Singapore): The freight market was a bit mixed with BDI up by about 159 points and closed at 3,299 points.
BDI
The cape index cont ...
Sunday, 17 January 10
NTPC TO DOUBLE CAPACITY BY 2017
NTPC, which will launch its follow-on public offer on February 3, plans to more than double its generating capacity to over 70,000 mega watts by 201 ...
Saturday, 16 January 10
HANDY CONTINUED FIRM CONDITIONS FOR MARKET IN THE ATLANTIC
HANDY
Continued firm conditions for the Handymax / Smax market in the Atlantic with the BSI having a continued upwards momentum. US$ 45,000 ac ...
Friday, 15 January 10
INDONESIA COAL - HEAVY RAINS HAVE LITTLE IMPACT ON COAL OUTPUT
Coal shipments from Indonesia's main coal-producing area are unlikely to be hit by heavy rains during January-February as many miners are prepared ...
Friday, 15 January 10
GOVT BRINGS IN DOMESTIC COAL MARKET OBLIGATION
The Energy and Mineral Resources Ministry has issued a ministerial decree requiring producers of coal and other minerals to allocate a proportion ...
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- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Australian Coal Association
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
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