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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, 22 March 11
KRISHNAPATNAM PORT SETS ALL INDIA RECORD FOR COAL DISCHARGING
COALspot.com - "Krishnapatnam Port has set an all India record for discharging 71,587 tons of steam coal in just 24 hrs using the conventional ...
Sunday, 20 March 11
FREIGHT MARKETS COULD SOFTEN NEXT WEEK DUE TO JAPANESE PORTS CLOSURE AND LIBYAN CRISIS - VISTAAR
COALspot.com - The BDI was down by 1.98 pct (closing at 1531 points) mainly due to Cape index which was down by almost 11 pct and closed 1687 points ...
Friday, 18 March 11
FALL IN INDONESIAN COAL EXPORTS IN FEBRUARY 11
COALspot.com - Indonesian coal exports seen a fall of 10.76% during Feb 2011. The world’s largest coal exporter shipped 22.029 MMts of c ...
Thursday, 17 March 11
THE PACIFIC HANDY MARKET IS CURRENTLY STEADY - FEARNBULK
Handy
The Atlantic market is showing signs of recovery and does not seem to be affected by the Japan disaster. The market is very positional and i ...
Tuesday, 15 March 11
COAL PRODUCTION FORECAST TO SURGE ON RISING PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal production is forecast to increase by 20 percent this year as coal prices continue to ...
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- Parliament of New Zealand
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
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