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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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Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
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