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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 December 11
DRY BULK RATES TO REMAIN AT CURRENT LEVELS FOR THE MOST PART IN THE COMING MONTHS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest research note, BIMCO said that the Capesize Time Charter Average will remain at USD 20,000-30,000 per day but the tonnage oversupply w ...
Wednesday, 14 December 11
MINER TOBA BARA SEJAHTRA PLANS IPO IN 1ST HALF OF 2012 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Coal miner Toba Bara Sejahtra is aiming high next year, hoping to capitalize on renewed bullish sentiment in the lo ...
Wednesday, 14 December 11
TIMAH PLANS TO BOOST ITS COAL PRODUCTION TO TWO MILLION TONS PER ANNUM - SOURCES
COALspot.com - Timah plans to boost its coal production to two million tons per annum. The company also expects to acquire coal concession with mini ...
Wednesday, 14 December 11
BORNEO RESOURCE INVESTMENTS LTD. FINALIZES ACQUISITION OF INTEGRA PRIMA
COALspot.com - Borneo Resource Investments Ltd., announced that it has finalized the acquisition of an additional 1,300 hectare coal mining concessi ...
Tuesday, 13 December 11
BERAU COAL SCOUTS US$1.61 BIO SALES - INSIDER STORIES
Insider Stories reported that, coal mining company PT Berau Coal Energy Tbk (BRAU), that is 85% owned by London-listed company Bumi Plc, estimates a ...
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- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
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