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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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Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Australian Coal Association
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Indika Energy - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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