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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, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- GAC Shipping (India) Pvt Ltd
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- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
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- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
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- Ministry of Mines - Canada
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- Parry Sugars Refinery, India
- MS Steel International - UAE
- Posco Energy - South Korea
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- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
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- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
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- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Planning Commission, India
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- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
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- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
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- Petron Corporation, Philippines
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- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
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- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
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- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
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- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
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- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
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