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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, 18 August 10
MADHUCON TO START MINING AT SUMATRA BLOCK IN 2-3 MONTHS
DNA India reported that, Hyderabad-based Madhucon Projects is set to begin mining at one of its coal blocks in Indonesia in 2-3 months, said S Vaiku ...
Tuesday, 17 August 10
HANDIES AND SUPRAS WOKE UP AGAIN AFTER SEVERAL WEEKS OF LETHARGY - BRS
A spectacular increase in Cape size rates pushed the BDI up more than 20% this week, with demand for prompt tonnage in the Pacific causing a major s ...
Monday, 16 August 10
INDIA'S TNPL TO SUPPORT TNEB WITH COAL SUPPLIES
COALspot.com: TNPL to award 300,000 MT of coal supply contract to Nehel General Trading of India. Tamil Nadu state undertaking , Tamil N ...
Monday, 16 August 10
INDONESIA'S PLN SECURED COAL SUPPLIES, LESS IMPACT BY RAINS
COALspot.com: Indonesian State Electricity Company, PT Perusahaan Listrik Negara (PLN), has secured coal supplies for all of its power plants except ...
Sunday, 15 August 10
THE FREIGHT MARKET IS EXPECTED TO REMAIN FIRM - CAPT REDDY
COALspot.com: The BDI rose by almost 22 pct despite peak holiday season which is usually quite market , where as the BCI up sharply by 46 pct which ...
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- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
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