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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, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
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- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
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