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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, 05 July 11
UNTR REVISES UP SALES TO 7,500 UNITS - INSIDER STORIES
PT United Tractors Tbk (UNTR), distributor of Komatsu heavy equipment and parent of PT Pamapersada Nusantara, has revised up its equipment sales tar ...
Sunday, 03 July 11
INDONESIAN GOVERNMENT HAS CLEARED 1509 COAL IUP'S AS CLEAR AND CLEAN
COALspot.com - The Directorate general of mineral & coal of Indonesia has cleared around 1,509 IUP holders (coal mining companies) as "clea ...
Sunday, 03 July 11
MONSOON IN INDIA PUSHED FREIGHTS UP FROM INDONESIA TO WC INDIA - VISTAAR
COALspot.com - The BDI continued to hold closing just 2 points below last week at 1,422 points which was supported by Cape index which was up by 71 ...
Friday, 01 July 11
BEN LINE OPENS A NEW OFFICE IN BERAU
COALspot.com - Ben Line Agencies has announced that it has opened a new office in the busy coal loading port of Berau in East Kalimantan increasing ...
Friday, 01 July 11
CAPESIZE RATES TO REMAIN DEPRESSED IN COMING MONTHS SAYS SHIPPING ORGANIZATION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a recent report, BIMCO reassessed that Capesize freight rates will remain in depressed territory in the coming months. Capesize Time Charter Aver ...
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- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- The University of Queensland
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
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