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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, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- The Treasury - Australian Government
- Australian Coal Association
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
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