We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your article please click here.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
|
|
|
Showing 4816 to 4820 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Economic Council, Georgia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
|
| |
| |
|
