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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, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
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- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
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