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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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Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
...
Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
Thursday, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
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- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- The University of Queensland
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
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