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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, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
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