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  • t_e_n_k_a_y t_e_n_k_a_y Sep 9, 2013 10:55 PM Flag

    Australian Mining Cheers Plan to End Carbon Tax

    "Platts reported the Australian mining industry welcomed Saturday’s election of Prime Minister Tony Abbott and his coalition’s pledge to abolish the carbon tax on fugitive greenhouse gas emissions from coal mines and the Minerals Resource Rent Tax on coal and iron ore mining profits.

    As quoted by Platts:

    “Minerals Council of Australia CEO Mitchell Hooke said in a statement Sunday that abolishing the twin taxes would be a “positive first step,” as Australia’s market competitors did not face the taxes.

    “The carbon tax has been a dead weight on the economy that has failed to achieve its environmental objective while adding massive new costs on the minerals sector,” Hooke said.

    MEANWHILE, OVER IN INDONESIA

    "Indonesian Coal Production Could Fall 40 Percent in 2014
    Monday September 9, 2013, 8:12am PDT

    "Reuters reported that if the Indonesian government goes through with its plan to increase royalties paid by mining permit holders, the country’s coal production could drop by up to 40 percent next year.

    “Indonesia, the world’s top exporter of thermal coal, plans to increase from next year royalties paid by mining permit holders (IUP) to between 10 and 13 percent from 3.5 to 7 percent now.

    ‘I would say 30-40 percent (cut). Most of Indonesia’s coal (production) is IUP-related,’ Pandu Sjahrir, commercial committee chairman of the Indonesian Coal Mining Association, told reporters.

    "If the royalties are unchanged, Indonesian coal output in 2014 is likely to be near the same level as this year’s more than 400 million tonnes, he said."

    My Comment: It doesn't get any better than this. Australia is "open for business" and ready to compensate for shortfall of competitors.

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