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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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Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
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- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
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- Tata Chemicals Ltd - India
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- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
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- Coal and Oil Company - UAE
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- The State Trading Corporation of India Ltd
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- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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