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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, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
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- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
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