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.
|
|
Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
|
|
|
Showing 4731 to 4735 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
|
| |
| |
|
