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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, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
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