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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, 01 March 12
BUKIT ASAM TARGETS EUROPEAN INVESTORS
COALspot.com - PT. Bukit Asam (persero) Tbk, Indonesian state owned coal miner is planning to conduct road show in Europe next week to target at Eur ...
Thursday, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
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- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- VISA Power Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Australian Coal Association
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
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