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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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Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
N ...
Monday, 28 June 10
COLOMBIA WILL LIKELY EXPORT 80 MILLION TONNES OF COAL IN 2010
Best Colombia reported that, Mr Hernan Martinez energy and mines minister of Colombia told reporters that Colombia will likely export 80 million ton ...
Monday, 28 June 10
WESFARMERS' SEPT QTR COAL PRICE UP 11% - SMH
SMH reported that, Wesfarmers Ltd says it expects a 11 per cent increase in prices for metallurgical coal from its Curragh mine in Queensland in the ...
Saturday, 26 June 10
THE SUPRAMAX INDEX FOR S6 ROUTE WAS UP BY US$ 1091 PER DAY OR 5.7 PERCENT D-O-D -- VISTAAR
COALspot.com: The market appears to be steadying with all indices almost stabilizing and the drop much less than last two weeks.
The BDI softened ...
Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
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- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
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- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
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- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
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- Bhushan Steel Limited - India
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- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- New Zealand Coal & Carbon
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- Parliament of New Zealand
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- Economic Council, Georgia
- MS Steel International - UAE
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
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- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
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- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
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- Wilmar Investment Holdings
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- IEA Clean Coal Centre - UK
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- London Commodity Brokers - England
- Bangladesh Power Developement Board
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- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
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- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
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- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
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- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
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- Kepco SPC Power Corporation, Philippines
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- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
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- Tamil Nadu electricity Board
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- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
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- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
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- Australian Commodity Traders Exchange
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- The State Trading Corporation of India Ltd
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- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
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- Ministry of Transport, Egypt
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- Baramulti Group, Indonesia
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- Port Waratah Coal Services - Australia
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- Global Green Power PLC Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
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- White Energy Company Limited
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- Australian Coal Association
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