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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, 30 March 12
RECOND NUMBERS SURROUNDING THE SUPRAMAX DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Last year proved to be both a record year in the number of deliveries of dry bulkers between 40,000dwt and 64,000dwt, as well as a record year in th ...
Thursday, 29 March 12
DRY BULK EDGED FURTHER UP, ON HEALTHY DEMAND FOR MOST SHIP TYPES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With capesize vessels finally reappearing in demand, the dry bulk market had an easier task of rising yesterday, as the BDI (Baltic Dry Index) reach ...
Thursday, 29 March 12
ADARO FY11 NET INCOME JUMPS 124% - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share. ...
Wednesday, 28 March 12
CUESTA HAS RECEIVED APPLICATIONS AND FIRM BIDS IN EXCESS OF $9 MILLION FOR THE COMPANYS IPO
COALspot.com - The Directors of Cuesta Coal Limited (ASX:CQC) have announced that today it has received applications and firm bids in excess of $9 m ...
Wednesday, 28 March 12
ORPHEUS ENERGY TO COMMENCE JORC DRILLING AT ADK PROJECT
COALspot.com - Indonesian coal explorer and producer, Orpheus Energy (ASX:OEG), have today announced that the company is about to commence a drillin ...
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- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
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