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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, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
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- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
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