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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, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
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