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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, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia' ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
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- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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