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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$5.6 billion of the mining tax revenue would be spent over a decade on public infrastructure critical to the industry such as ports, rail and roads.
The government argues the tax shift would prevent a "two-speed economy" emerging in Australia where non-resource industries such as manufacturing, construction and tourism cannot attract investment or staff because they cannot afford to match the lucrative wages offered by the mining industry.
Also as part of the tax overhaul, the government would increase the proportion of salaries that Australian workers must save for their retirements from the current rate of 9 percent to 12 percent by 2020.
Source: The Jakarta Post
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Thursday, 22 April 10
INDONESIAN COAL PRICE REFERENCE FOR MARCH 2010 - US$ 86.64/T
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has begun publishing a monthly coal price reference (HBA) to be use ...
Thursday, 22 April 10
NEED TO IMPORT 82 MT COAL IN FISCAL - INDIA COAL MIN
Indian Express reported that, anxious to bridge the ever-widening gap between the rising demand for coal and its inadequate supply, the Coal Ministr ...
Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain f ...
Thursday, 22 April 10
INDIA'S BORL SEEKS TO BUY INDONESIAS LOW - SULFUR COAL
COALspot.com: Bharat Oman Refineries Ltd, a joint venture company (promoted by Bharat Petroleum Corporation Ltd, India and Oman Oil Company Lt ...
Wednesday, 21 April 10
INDONESIA SHIPPED 13.24 PERCENT MORE COAL IN MARCH THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 27,615,191 MT of coal in March 2010, compare to 24.38 million tons in January and ...
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- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
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