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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
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- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
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- Medco Energi Mining Internasional
- ICICI Bank Limited - India
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- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
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- Aditya Birla Group - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- The University of Queensland
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
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