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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
 Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it proposes to replace the Resource Super Profits Tax with a Mineral Resource Rent Tax (MRRT).
The mining industry has consistently stated that any tax reform needs to satisfy core principles that include ensuring that:
• any new tax is not applied retrospectively, so that existing projects where investment decisions have already been made are not adversely affected; and
• a competitive effective tax rate that will not disadvantage Australia as an investment destination.
As a result of constructive discussions, the proposed new tax will apply only to iron ore and coal resources from 1 July 2012. The companies agree that the proposal presented by the Government represents very significant progress towards a minerals taxation regime that satisfies the industry’s core principles.
The companies will continue to work constructively with Government to ensure that the detailed design of minerals taxation maintains the international competitiveness of the Australian resources industry into the future.
MINERAL RESOURCE RENT TAX HEADS OF AGREEMENT
The Design of the Minerals Resource Rent Tax
The new resource tax will apply from 1 July 2012 only to mined iron ore and coal. All other minerals are excluded.
The rate of tax will be 30% applied to the taxable profit at the resource.
Taxable profit is to be calculated by reference to:
• The value of the commodity, determined at its first saleable form (at mine gate) less all costs to that point
• An extraction allowance equal to 25% of the otherwise taxable profit will be deductible to recognise the profit attributable to the extraction process. (i.e. this to only tax the resource profit)
• Arms length principles on all transactions pre and post first saleable form.
MRRT is to be calculated on an individual taxpayer’s direct ownership interest in the project.
There will be no MRRT liability for taxpayers with low levels of resource profits (i.e. $50m per annum).
All post 1 July 2012 expenditure is to be immediately deductible for MRRT on an incurred basis. Non-deductible expenditure will be broadly consistent with PRRT.
MRRT losses will be transferable to offset MRRT profits the taxpayer has on other iron ore and coal operations.
Carried-forward MRRT losses are to be indexed at the allowance rate equal to the LTBR plus 7 percent.
The MRRT will be an allowable deduction for income tax.
All State and Territory royalties will be creditable against the resources tax liability but not transferable or refundable. Any royalties paid and not claimed as a credit will be carried forward at the uplift rate of LTBR plus 7 percent.
Starting Base
The starting base for project assets is, at the election of the taxpayer, either:
• Book value (excluding the value of the resource) or
• Market value (as at 1 May 2010).
All capital expenditure incurred post 1 May 2010 will be added to the starting base and depreciated against mining operations from 1 July 2012. “Project assets” for the purpose of the MRRT will be defined to include tangible assets, improvements to land and mining rights (using the Income Tax definition).
Where book value is used to calculate starting base, depreciation will be accelerated over the first 5 years. The undepreciated value will be uplifted at LTBR plus 7 percent. Where market value is used to calculate starting base, there will be no uplift and depreciation will be based on an appropriate effective life of assets, not exceeding 25 years.
Any undepreciated starting base and carry forward MRRT losses are to be transferred to a new owner if the project interest is sold.
Source: Press Release Rio Tinto
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Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
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- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
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