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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, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- Leighton Contractors Pty Ltd - Australia
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- Planning Commission, India
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- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
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- Power Finance Corporation Ltd., India
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- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Minerals Council of Australia
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- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
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- ICICI Bank Limited - India
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- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Commonwealth Bank - Australia
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- Orica Australia Pty. Ltd.
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- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
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- Orica Mining Services - Indonesia
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- Global Business Power Corporation, Philippines
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- The State Trading Corporation of India Ltd
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- Global Coal Blending Company Limited - Australia
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- Bhoruka Overseas - Indonesia
- White Energy Company Limited
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- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
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- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
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- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Economic Council, Georgia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Thai Mozambique Logistica
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- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
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- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
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- Kohat Cement Company Ltd. - Pakistan
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