Super Tax

AngloGold (NYSE: AU) Commits to Tropicana Gold Project

AngloGold Ashanti Ltd. (NYSE:AU) announced it’ll begin working on its Tropicana gold project in Western Australia, now that a deal has been reached with mining companies in Australia over the super tax. The new so-called resources tax will entail only coal and iron ore, making the company change its mind over the project. Many mining companies had decided to stop, delay or ignore Australia when

Continue Reading »

Australia Reduces Mining “Super Tax,” Reviving Profitability of Resource Sector

Australian mining companies declared a huge win today (Friday) when the government announced the proposed mining “super tax” would be reduced, prompting some companies to reactivate shelved projects and reopen merger and acquisition talks. Australia’s Prime Minister Julia Gillard agreed on a compromise plan that would reduce the planned tax to 30% of profits from iron ore and coal, and 40% tax on oil and natural gas, down from the originally proposed 40% tax on all resources . The new plan, called the mineral resource rent tax, would also raise the tax’s trigger level to profits that exceed a 12% rate of return instead of 6%. ” The reduction in the headline rate is an amazing concession, ” John Robinson, chairman of Global Mining Investments Ltd., told Bloomberg . “It’s certainly better than I had expected.”

Continue Reading »

BHP (NYSE:BHP): Resist Gillard and Super Tax

Filed in bhp billiton, Mining companies, silver, Super Tax by on June 25, 2010 0 Comments

BHP (NYSE:BHP) (ASX:BHP) – Continue your resistance! It took only a few hours for the new Prime Minister of Australia, Julia Gillard, to dampen hopes there might be change in the country, especially concerning the hated super tax on mining companies, which ultimately brought the downfall of Kevin Rudd. While Gillard made some overtures to the mining companies, she didn’t change the narrative,

Continue Reading »

AngloGold Ashanti (NYSE:AU) Down on Great Gold Day

AngloGold Ashanti (NYSE:AU) was one of the few poor gold performers on Friday, on a day which broke another record at the close of $1,256.50, an increase of $11.30 on the day.The news yesterday that they were going to focus on developing mining projects outside Australia because of the 40 percent super tax, seems to have overshadowed the rest of the good news related to gold. This isn’t

Continue Reading »

AngloGold (NYSE:AU) Latest to Shrink Australian Investment on Mining Super Tax

AngloGold Ashanti Ltd. (NYSE:AU) is the latest mining company to put a hold on Australian projects, as the inability to turn much of a profit from mining operations in the country has miners fleeing to more profitable areas of the world.”While we are still committed, what should be a 20-year development that our industry so desperately needs, has slipped back down the project priority list,” CEO

Continue Reading »