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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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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- The University of Queensland
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