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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, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
Tuesday, 31 January 12
THERE ARE MANY GOOD REASONS FOR COAL IN GERMANY - DR CIESLIK
COALspot.com - "The year 2011 was again marked by many changes on the markets and energy policies, at times in line with expectations, but at o ...
Tuesday, 31 January 12
DRY BULK MARKET KEEPS FALLING FOR WORST MONTH IN YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn't manage to put a halt in its downfall, with the industry's benchmark, the BDI (Baltic Dry Index), posting yet another fa ...
Monday, 30 January 12
CHINA'S HUNGER FOR COAL LEAVES DENT IN PENNSYLVANIA'S SUPPLY - THOMAS LESKIN
With the price of heating oil on the rise, one of Pennsylvania's greatest natural resources - coal - is in high demand, and not just locally.
Et ...
Saturday, 28 January 12
WILL FREIGHT MARKET STABILIZE FROM NEXT WEEK?
COALspot.com - The markets continued to soften with BDI at 663 points down by 15.78 pct closing at 726 points and cape index was down by 5.73 pct cl ...
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- Petron Corporation, Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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