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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
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- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Economic Council, Georgia
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- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
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