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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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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
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- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
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- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
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- Globalindo Alam Lestari - Indonesia
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- Posco Energy - South Korea
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
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- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
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- SMG Consultants - Indonesia
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- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- GMR Energy Limited - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
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