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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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Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...
Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...
Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery
50% down payment due in five working days
Production continues at both Jongka ...
Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...
Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
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- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
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- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
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