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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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Wednesday, 19 October 11
ADARO ACQUIRES BUKIT ENIM ENERGI - INSIDER STORIES
Insider Stories reported that, Coal miner PT Adaro Energy Tbk, via its subsidiary dubbed PT Alam Tri Abadi, today revealed a 46% stake takeover of a ...
Tuesday, 18 October 11
INDONESIAN PRESIDENT APPOINTS JERO WACIK AS NEW MINISTER OF ENERGY & MINERAL RESOURCES
COALspot.com - Jero Wacik has been appointed as minister of energy and mineral resources of Indonesia replacing Darwin Saleh and Prof. Widjajono Par ...
Tuesday, 18 October 11
DELTA DUNIA MAKMUR HAS PRODUCED 3.0 MILLION TONS OF COAL LAST MONTH
COALspot.com - PT. Delta Dunia Makmur, wholly owned subsidiary, PT Bukit Makmur Mandiri Utama (BUMA), Delta Dunia Makmur has removed 1.4 million bcm ...
Monday, 17 October 11
KOWEPO TO BUY 260,000 MT BITUMINOUS COAL
COALspot.com - KOWEPO has issued a spot tender for 260,000MT of minimum 5,600kcal/kg NAR Bituminous Coal.
The tender document also mentioned tha ...
Monday, 17 October 11
CAPESIZE SHIPPING COSTS CLIMB TO 10-MONTH HIGH ON ORE IMPORTS
The cost to hire capesize vessels climbed to a 10-month high as rising imports of iron ore to China boosted demand for the ships.Monthly iron-ore sh ...
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- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- White Energy Company Limited
- The University of Queensland
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
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