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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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Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
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