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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, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
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- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- The University of Queensland
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
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