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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, 01 March 11
GANGAVARAM PORT, AN INDIAN MODERN PORT CREATES RECORD
COALspot.com - Gangavaram Port, the deepest and the most modern port in India creates yet another record by discharging 65349 MT Coking Coal in 24 h ...
Monday, 28 February 11
COAL INDIA HIKES PRICES BY 12% FOR SELECT CONSUMERS - ECONOMIC TIMES
Economic Times reported that, Coal India has raised prices by an average 12% for some of its consumers from Sunday, boosting its revenue by 6,000 cr ...
Saturday, 26 February 11
CIL TO HIKE COAL PRICES BY 15 PC FROM TONIGHT - THE TIMES OF INDIA
The Times of India reported that, an Indian State-run coal producer, Coal India will raise the price of coal on an average by about 15 per cent with ...
Saturday, 26 February 11
SUPRAMAX INDEX WAS UP ABOUT 10 PERCENT THIS WEEK - VISTAAR
COALspot.com - The market started on a weak note and seemed to have lost the momentum seen the previous week. The main sectors affected were Cape an ...
Saturday, 26 February 11
PEABODY ENERGY ENTERS INTO COAL SOURCING AGREEMENT ACCESSING INDONESIAN COAL FOR EXPORT
Peabody Energy today said it has entered into an agreement with Indonesia's PT Cahaya Energi Mandiri (CEM) to source 2 million tons of coal for Asi ...
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- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Economic Council, Georgia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
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