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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
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