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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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Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
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- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
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