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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, 24 May 10
PAMA TO CLOSE COALS ACQUISITION IN 2010
Insider Stories reported that, Indonesia's largest coal mining contractor PT Pamapersada Nusantara, subsidiary of PT United Tractors Tbk (UNTR), wi ...
Sunday, 23 May 10
SINGARENI LEVIES PREMIUM TO BALANCE COAL DEMAND - BUSINESS STANDARD
Business-Standard reported that, In view of the rising demand for coal, Singareni Collieries Company Limited has recently levied a premium on c ...
Saturday, 22 May 10
THE BRENT CRUDE PRICES WAS SHARPLY DOWN AT US$ 71.72 PER BARREL - VISTAAR SHIPPING
COALspot.com: The freight market was under pressure with the caps size index down by 10 pct with uncertainty in Europe crisis continuing.
The BD ...
Saturday, 22 May 10
PORT CONGESTION IN AUSTRALIA HELPING RATES CHINA COAL IMPORT BOOM TO CUSHION FREIGHT RATES
China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains. ...
Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
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