We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your article please click here.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
|
|
|
Showing 4716 to 4720 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- VISA Power Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
|
| |
| |
|
