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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, 05 October 10
EWP SEEKING VIETNAMS ANTHRACITE COAL
COALspot.com: South Korea’s EWP is seeking Min 200,000MT of Vietnam coal with plus or minus 30,000MT at EWP’s (Korea East West Power Co ...
Monday, 04 October 10
2 BLN TONS OF COAL RESERVES DISCOVERED IN SOUTHERN PAKISTAN - XINHUA / HELLENIC SHIPPING
Xinhua and Hellenic Shipping reporte dhtat, the discovery of at least two billion tons of usable coal reserves has been confirmed in one of the ...
Sunday, 03 October 10
THE BDI WAS JUST INCREASED BY 8 POINTS AND CLOSED AT 2452 POINTS LAST FRIDAY - VISTAAR
COALspot.com: The BDI was almost at same levels and just increased by 8 points and closed at 2452 points , however the cape index was up by al ...
Sunday, 03 October 10
NALCO TO FINALIZE INDONESIA COAL DEAL BY JANUARY - HINDUSTAN TIMES
HindustanTimes reported that, state-owned National Aluminium Company (NALCO) will finalise a deal with a coal source in Indonesia for its $4 billion ...
Sunday, 03 October 10
INDONESIA WILL BECOME A NET IMPORTER OF ENERGY IN 2030 - BPPT
Jakarta Updates reported that,Indonesian Agency for the Assessment and Application of Technology (BPPT) predicted that the energy situation in Indon ...
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- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
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