Search Results for: coal+mining+companies+profits
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Analysis: Rising taxes on mining maps, but no shock moves
LONDON (Reuters) – The miners may have to face higher tax rates around the world, life after a compromise deal was hammered in Australia, but they will take solace from the lower likelihood of countries unilaterally raising taxes. Australia’s plans for a tax on windfall profits dumped on Friday after an intensive campaign against the mine workers and wrung an agreement for a new tax formula that is still increasing rates. (more…) -
Julia Gillard renames the mining tax rate falls as new funding regime announced
Will the federal government limited its new funding to just over 320 tax mining companies iron ore, coal, oil and gas. It has dropped its plan for a super-source income tax and replace it with a mineral resource rent tax. The new tax will apply to ore and coal projects to be taxed at a new headline rate of 30 percent iron – down from the previously planned 40 percent. The cut-in rate is also adjusted to the long-term bonds, increased by seven percent. (more…) -
A mining union is urging the Federal Government Mining Union urges federal government not to cave in on tax
A mining Union urges the Federal Government to hold negotiations with the mining super-profits tax on the source. Construction, Forestry, Mining and Energy Union has accused business of trying to bully the government and the spread of a fear campaign. NSW delegate and underground miner, Todd Hardy, says the workers want a greater share of profits in the mining boom shots. “Too much of it going into the CEO’s pockets, too much of it is just going back to business,” he says. (more…) -
Australia BHP Shares Gain as China Proves Retailers’ Pain
China’s demand for metals and energy is splitting Australia in two, pitting resource-rich Western Australia and mining companies from BHP Billiton Ltd. Xstrata Plc to Against the rest of the country. Coal and metal sales to the fastest-growing major economy Prompted Reserve Bank of Australia Governor Glenn Stevens to raise interest rates six times in seven months, fueling a 27 percent gain in the Australian U.S. dollars since the first quarter of 2009 That hurt Exporters like wheat farmer John Springbett. (more…) -
Mining Contracts in Australia Dive After Rudd Tax Plan
Mining acquisitions in Australia, the largest shipper of iron ore and coal, are set to a five-year low hit this quarter, after the government proposed a mining “super profits” tax. There have been 47 announced deals worth $ 914,000,000 for the quarter, compared with 89 deals worth 9.11 billion U.S. dollars in the three months ended June 30 one year ago, according to data from Bloomberg. That’s on track for lowest number of deals since the first quarter of 2006 and the lowest since the fourth quarter of 2005. (more…)