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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. $50m per annum).
All post 1 July 2012 expenditure is to be immediately deductible for MRRT on an incurred basis. Non-deductible expenditure will be broadly consistent with PRRT.
MRRT losses will be transferable to offset MRRT profits the taxpayer has on other iron ore and coal operations.
Carried-forward MRRT losses are to be indexed at the allowance rate equal to the LTBR plus 7 percent.
The MRRT will be an allowable deduction for income tax.
All State and Territory royalties will be creditable against the resources tax liability but not transferable or refundable. Any royalties paid and not claimed as a credit will be carried forward at the uplift rate of LTBR plus 7 percent.
Starting Base
The starting base for project assets is, at the election of the taxpayer, either:
• Book value (excluding the value of the resource) or
• Market value (as at 1 May 2010).
All capital expenditure incurred post 1 May 2010 will be added to the starting base and depreciated against mining operations from 1 July 2012. “Project assets” for the purpose of the MRRT will be defined to include tangible assets, improvements to land and mining rights (using the Income Tax definition).
Where book value is used to calculate starting base, depreciation will be accelerated over the first 5 years. The undepreciated value will be uplifted at LTBR plus 7 percent. Where market value is used to calculate starting base, there will be no uplift and depreciation will be based on an appropriate effective life of assets, not exceeding 25 years.
Any undepreciated starting base and carry forward MRRT losses are to be transferred to a new owner if the project interest is sold.
Source: Press Release Rio Tinto
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
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