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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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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
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