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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- The University of Queensland
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Australian Coal Association
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- PTC India Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
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