MRRT estimated to reap $7bn from coal: minerals resource rent tax
The Gillard government's planned minerals tax compromise is expected to deliver an extra $7.4 billion from the nation's coal sector. The profit is estimated to come in its first five years, according to new research from analysts Wood Mackenzie. The planned minerals resource rent tax will also wipe about $12bn in net present value from the industry, according to the report.
Indian giant moving on Australian ports, coalfields
An Indian company is planning massive investments in Australia's coal industry. The move mirrors the vertical integration pioneered by Japanese interests in the 1980s. Adani Group's actions in the past fortnight suggest it wants a reliable supply of coal from Australia and to shift it as cheaply as possible to power industrial development in India. The company has been short-listed by the Queensland government as possible builders and operators of a new coal port in central Queensland at Point Dudgeon, just north of the existing port of Dalrymple Bay.
Investment in Australia 'still less attractive'
The revised mining tax will cause a long-term fall in investment in new iron ore and coal projects, but will not derail business spending. Access Economics says that although the new tax is much improved from the original resource super-profits tax, it will still make investment in Australia less competitive than in Canada, Indonesia or Brazil. The economic consultancy's latest review of the economy says investment in resources and construction will lead to growth over the next year, boosting Western Australia and Queensland.
