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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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Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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