One step forward and two steps back

As the mining industry struggles to overcome the impact of low metal prices, high capital and operating costs, depressed share markets and severe lack of equity, another government is going down the path of seeking more revenue from mining by way of increased taxation. Just as the Philippines starts to show signs of finally starting to reach its much talked-about mining potential, the government is considering a ‘revenue sharing scheme’ which would equate to a 10% tax on gross revenues or 55% share of the adjusted net mining revenues.

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Long-term Vision Needed

WITH some early signs of a mining industry recovery now is a good time to analyse the downturn and examine what is needed to minimize the impacts of future downturns. These economic dips are, unfortunately, bound to occur in the mining cycle but with effective, long-term planning, the path can be a lot smoother.

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Tough mining lessons for governments

THERE are tough lessons being learned by governments in many Asia Pacific countries which have been changing mining industry regulations to garner more revenue. By and large these changes could not have come at a worse time for an industry suffering from economic forces largely beyond its control – forces that have brought about volatile commodity prices, lack of ability to raise capital for exploration, development or expansion and a lack of investor confidence.

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The only way is up from here

AS a new year dawns the global mining industry is at a very low ebb with volatile mineral commodity prices, very little capital available to support exploration or expansion projects, let alone new projects, and many existing operations struggling to break even at best. This has resulted in jobs being lost at mining operations and major impacts on the mining supply and service sector.

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John Miller, Editor

John Miller, Editor, The ASIA Miner
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Editor, ASIA Miner and Australian Editor, E&MJ
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Based in Melbourne, Victoria, Australia, John Miller has been working as a mining journalist for The ASIA Miner for the past seven years, focusing on mining developments throughout Asia and Australia. He was promoted to editor, The ASIA Miner, during July 2010, is editor of Coal Age Indonesia and has responsibility for E&MJ Australian coverage. John has more than 30 years experience as a journalist. He is also an author with more than five historical books published and a biography published. He has also served his community as a city Councillor and was mayor of Orange from 2002 to 2004.