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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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Thursday, 17 June 10
COAL EXPLORATION & DEVELOPMENTS HOTPOTS CONFERENCE
Press Release: The Coal Exploration and Developments Hotspots conference will bring together a panel of more than 20 of the world’s lead ...
Thursday, 17 June 10
AUSTRALIA'S LEIGHTON WINS $1.3 BILLION OF NEW WORK - THE JAKARTA POST
Australian construction and contract mining group Leighton Holdings Ltd. said Thursday it has won 1.5 billion Australian dollars ($1.3 billion) of n ...
Wednesday, 16 June 10
INDONESIAS STATE OWNED ELECTRICITY COMPANY WILL CONSUME 95.30 MILLION TONS OF COAL IN 2014
COALspot.com: Indonesia's state owned electricity company forecasted its coal requirement in 2014 would be around 95 million tons. ...
Wednesday, 16 June 10
MADHYA PRADESH GOVT IMPORT 50K METRIC TONNES OF COAL FROM INDONESIA - DNA INDIA
DNA India reported that, the Madhya Pradesh government has imported 50,000 metric tonnes of coal from Indonesia to deal with its shortage which is a ...
Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
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- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
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