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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, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
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