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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, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- Coal and Oil Company - UAE
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- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
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- Cement Manufacturers Association - India
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- PTC India Limited - India
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- IHS Mccloskey Coal Group - USA
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- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
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- Romanian Commodities Exchange
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- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
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- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
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- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
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- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Planning Commission, India
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- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
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- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
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- Thiess Contractors Indonesia
- Parliament of New Zealand
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- Wood Mackenzie - Singapore
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- GAC Shipping (India) Pvt Ltd
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- Energy Link Ltd, New Zealand
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