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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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Wednesday, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- PTC India Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Planning Commission, India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- The University of Queensland
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
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