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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, 01 April 10
PROFIT AT TWO INDONESIAN COAL MINERS SOARS AS RECOVERY STIRS GREATER DEMAND, HIGHER PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Two of the country’s biggest coal producers enjoyed a surge in profit last year as prices rose and demand pic ...
Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia&rsq ...
Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks ...
Thursday, 01 April 10
TATA POWER EYES MORE COAL FROM INDONESIA FOR ITS FUTURE PLANTS - FINANCIAL EXPRESS
Financial Expressreported that, Tata Power, one of the largest private sector power utilities in the country with interests in generation, transmiss ...
Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
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- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Planning Commission, India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- PTC India Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
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