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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
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- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- The University of Queensland
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