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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, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
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- PTC India Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
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