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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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Thursday, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
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