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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
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