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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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Monday, 22 August 11
NTPC TO IMPORT 16 MILLION TON OF COAL TO BRIDGE THE GAP
COALspot.com - NTPC to import 16 million tons of imported coal, which is equivalent to 23-24 million tons of Indian coal to bridge the gap.
" ...
Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
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- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
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