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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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Thursday, 28 April 11
BALTIC DRY INDEX NUDGES UP AFTER DAYS OF LOSSES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After consecutive falls, the dry bulk freight market, as followed through the Baltic Dry Index, finally caught a breather yesterday, with the BDI ma ...
Wednesday, 27 April 11
KEWESPO CALLS FOR 765KT OF THERMAL COAL
COALspot.com - South Korea's East-West Power Co's (KEWESPO) has issued a tender to buy total 765,000 tonnes of thermal coal for delivery between J ...
Wednesday, 27 April 11
HARUM ENERGY TO PAY RP 659.1B IN DIVIDENDS - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miner Harum Energy is planning to pay out Rp 659.1 billion (US$76.46 million) in dividends this year ...
Wednesday, 27 April 11
TSIS $5 MILLION PLANT TO START PRODUCING UPGRADED COAL - THE JAKARTA POST
The Jakartapost reported that, PT Total Sinergy International (TSI), in association with Agritrade Resources Limited of Hong Kong, will upgrade its ...
Wednesday, 27 April 11
RAIN CONSIDERS COAL MINES TAKEOVER - INSIDER STORIES
Indonesian's tenth largest coal miner in term of coal concession, PT Resource Alam Indonesia Tbk (KKGI), is considering to acquire several coalmine ...
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- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
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