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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, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
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- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Australian Coal Association
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
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