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Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
 COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom. Australia and Indonesia are such big winner in the resources boom that economies the world over are currently experiencing.
Almost everywhere on the Australian continent -- the ground is barren on the surface but venture a little deeper ,it turns out to be blessed with everything precious the earth has to offer, and Australia is supplying the entire world with these treasures.
Australia explore & exploit more coal and iron ore -- the key raw materials for industrial society -- than any other country. Nowhere else in the world are comparable amounts of bauxite and titanium ore extracted. Australian corporations are the worldwide leaders when it comes to the extraction of industrial diamonds too. And no other country has more reserves of nickel, cadmium or lead.
Australian Government is capitalizing on the mining boom driven by high demand from China and India for raw materials and introduced a 30 per cent tax called Minerals Resource Rent Tax (MRRT) on iron ore and coal mining profits . It is designed to replace the confusing array of royalties that mining companies presently pay to the states , which vary depending on the minerals being mined. Mine product prices are increasing year after year due to huge requirement and inadequate global production capacity. This has resulted into a huge difference between the cost of minerals extracting and price at which they are being sold.
Instead of an overall tax at 40 per cent as proposed earlier, the new MRRT is 30 per cent, but the effective rate may work out closer to 22.5 per cent, considering deductions on royalties paid to State governments.
Coal and iron ore miners will now have three taxation regimes: company income tax, ad valorem mine production royalties and now a new resource rent tax on profits that will be calculated quite differently to the other two.
The government intend to use collected taxes towards funding infrastructure, pensions ,tax cuts for small businesses and distributing the benefits of tax collection to other segments of the economy. The government also wants to use the new revenue to reduce the Australian corporate tax rate from 30 per cent to 29 per cent.
Australia’s 30 per cent tax on mining "super profits" will now be a benchmark for other countries weighing higher levies,
The boom in mining sector kept Australia out of recession during the global financial crisis. . Other then mining sector , are struggling against a strong Australian dollar and shortages of skilled labor as big mining wages lure away workers. Many small emerging miners are feeling that MRRT is unfair, narrowly based, complex, inefficient and will reduce investment and future jobs in the Australian mining industry.
The government expects that the new tax will raise 3.7 billion Australian dollars ($3.9 billion (U.S.) in the fiscal year starting July 1 from mining giants including BHP Billiton, Rio Tinto and Xstrata. The tax will only apply to iron ore and coal mining.
Australia is reaping the benefits of the Chinese-driven mining boom and so were its major mining conglomerates, including Fortes cue Metals Groups, Rio Tinto, Xstrata and BHP Billiton.
For a long time, Australia has depended on China's hunger for mineral resources to feed its own finances, but after it cut its annual growth target to below 8% during this month, for the first time in a decade, the world's second largest economy is expected to lose its appetite.
China is also looking to slash its reliance on Australia's resources and has announced plans to secure 40% of its iron ore imports from other overseas mines by 2015.
China, as with other Asian countries, is looking to diversify their investments into mining regions in Africa and Latin America, and has already invested millions into Canadian mining companies seeking to build new mines. Tax collection which Australia is planning thru MRRT will greatly depend on bilateral trade between Australia and China.
Whatever the outcome for Australia and China's relationship, it seems, for now, they can't live without each other. China's growth may be slowing, but it is still expected to continue its major role as an importer and exporter, and Australia, with its growing coal and iron ore-production, may be too strong a supplier to ignore.
By : Sunil K Kumbhat , Jodhpur (Rajasthan) India
Views expressed herein are personal views of the author and not that of COALspot.com.
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Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
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- Indian Oil Corporation Limited
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- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
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- Indika Energy - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
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- SN Aboitiz Power Inc, Philippines
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- Electricity Authority, New Zealand
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- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
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- PetroVietnam Power Coal Import and Supply Company
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
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- Interocean Group of Companies - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
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- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
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