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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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- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Planning Commission, India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
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- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- The University of Queensland
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