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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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Tuesday, 23 August 11
COAL DEMAND IS REMAINED STRONG IN SPITE OF CURRENT GLOBAL ECONOMIC UNCERTAINTY - BUMI
COALspot.com - Indonesia's largest coal producer, PT Bumi Resources, Tbk (BUMI)'s sales revenue has increased to US$1.79 billion (compared with US ...
Tuesday, 23 August 11
PENRHYN COAL USING EVERGREEN ENERGYS COAL UPGRADING PROCESS
Evergreen Energy Inc has announced the successful testing results of the initial batches of Penrhyn coal using Evergreen Energy’s coal upgradi ...
Tuesday, 23 August 11
A SHARP INCREASE IN THE BDI - BRS
A sharp increase in the BDI this week, driven by the rise in Capesize rates. Overall the BDI was up 13.5% to 1,462 points on the back of a 20% surge ...
Monday, 22 August 11
INDONESIA TO BAN BELOW 5700 KCAL/KG COAL FOR EXPORT
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia is in the process of drafting a regulation which is requiring mine owners ...
Monday, 22 August 11
JATENERGY AGREED TO FORM JV WITH AN INDONESIAN COAL MINING COMPANY
COALspot.com - Australian’s listed company, Jatenergy Limited has entered conditional agreement to form joint venture with Indonesia’s c ...
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- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
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