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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, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
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- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
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- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
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- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
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- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
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