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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, 08 February 11
PUSTAKA JAYA PALU POWER LOOKING FOR 5800 GAD COAL
COALspot.com - According to market information, PT Pustaka Jaya Palu Power, a power plant operator of the Mpanau plant, Palu, Sulawesi has invited c ...
Tuesday, 08 February 11
BAYAN, KANGAROO EXTEND DUE DILIGENCE
Coal miner controlled by businessman Dato' Low Tuck Kwong PT Bayan Resources Tbk (BYAN) and Australia-listed coal company Kangaroo Resources Limite ...
Tuesday, 08 February 11
DRY BULK: IS THE TIDE TURNING? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what could be perceived as a change of market sentiment for the better, the dry bulk industry’s benchmark, the Baltic Dry Index (BDI) poste ...
Monday, 07 February 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 13.03 PERCENT IN FEBRUARY 2011
COALspot.com - Indonesia’s Ministry of Energy and Mineral Resources has set the February 2011 Indonesian Coal Reference Price for therma ...
Monday, 07 February 11
COAL PRICES ON RISE: DEMAND FROM INDIA AND CHINA - ANALYZED SUNIL K KUMBHAT
INDONESIA IS HEART OF ASIAN COAL BOOM
COALspot.com - Rising demand of Coal from India and China, coupled with global financial recovery, is driv ...
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- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
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