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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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Wednesday, 02 February 11
BAYAN TO SUPPLY COAL TO TP UTILITIES LTD
Insider Stories has reportd that, Indonesia's one of the leading coal miner PT Bayan Resources Tbk (BYAN) owned by businessman Dato' Low Tuck ...
Wednesday, 02 February 11
HUGE TONNAGE OVERSUPPLY LOOMING FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market taking another dive yesterday, to just over 1,000 points (1,084), losing more than 2% on the day, it’s more than obvi ...
Monday, 31 January 11
S. SUMATRA COAL RAILWAY TO BE COMPLETED ON SCHEDULE - THE JAKARTA POST
The Jakarta Post reported that, despite land acquisition problems, state coal mining company PT Bukit Asam is upbeat that the development of a railw ...
Monday, 31 January 11
COAL MINER PTBA TO DRIVE OUTPUT WITH ACQUISITIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, State coal company Perusahaan Tambang Batubara Bukit Asam said its output would increase 34 percent to 17.6 million ...
Saturday, 29 January 11
PRESSURE ON SHIPPING MARKET MAY CONTINUE UNTIL MID FEBRUARY 2011
COALspot.com - The BDI continues to drop and saw a drop of about 5 pct this week closing at 1370 points.
In May 2010 the BDI touched 4,209 ...
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- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Indian Energy Exchange, India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
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