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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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Saturday, 02 October 10
FOUR INDONESIAN COAL FIRMS KEEN TO TIE UP WITH NALCO - SIFY
Sify reported that, Four Indonesian coal companies have shown interest to tie up with public sector National Aluminium Company (Nalco) for its 4 bil ...
Friday, 01 October 10
COAL TRADERS POWER FOREIGN ASSET BUYS - ECONOMIC TIMES
Economic Times reported that, the rush to own coal assets is leading to innovative alliances. are teaming up with utilities like , Reliance Power an ...
Thursday, 30 September 10
LOW CALORIFIC VALUE COAL MAY BE SOLD BELOW COAL REFERENCE PRICE IN INDONESIA
COALspot.com: Indonesia, the world’s largest coal exporter has issued another ministerial decree to regulate the selling price of coal of Indo ...
Thursday, 30 September 10
INITIAL PHASE OF MOATIZE MINING BY EARLY NOVEMBER - ALL AFRICA
All Africa report that, the initial phase of mining coal at Moatize, in the western Mozambican province of Tete, will begin by early November, and t ...
Thursday, 30 September 10
THE PANAMAX CONTINUED ITS DOWNWARD TREND FROM LAST WEEK - FEARNBULK
HANDY
Activity remains slow this week combined with a lack of fresh enquiry and tonnage over-supply in the Atlantic. Indexes are all negative exce ...
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- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
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