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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, 18 August 10
MADHUCON TO START MINING AT SUMATRA BLOCK IN 2-3 MONTHS
DNA India reported that, Hyderabad-based Madhucon Projects is set to begin mining at one of its coal blocks in Indonesia in 2-3 months, said S Vaiku ...
Tuesday, 17 August 10
HANDIES AND SUPRAS WOKE UP AGAIN AFTER SEVERAL WEEKS OF LETHARGY - BRS
A spectacular increase in Cape size rates pushed the BDI up more than 20% this week, with demand for prompt tonnage in the Pacific causing a major s ...
Monday, 16 August 10
INDIA'S TNPL TO SUPPORT TNEB WITH COAL SUPPLIES
COALspot.com: TNPL to award 300,000 MT of coal supply contract to Nehel General Trading of India. Tamil Nadu state undertaking , Tamil N ...
Monday, 16 August 10
INDONESIA'S PLN SECURED COAL SUPPLIES, LESS IMPACT BY RAINS
COALspot.com: Indonesian State Electricity Company, PT Perusahaan Listrik Negara (PLN), has secured coal supplies for all of its power plants except ...
Sunday, 15 August 10
THE FREIGHT MARKET IS EXPECTED TO REMAIN FIRM - CAPT REDDY
COALspot.com: The BDI rose by almost 22 pct despite peak holiday season which is usually quite market , where as the BCI up sharply by 46 pct which ...
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- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Mercator Lines Limited - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
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