Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Anglo Pacific Group PLC announced that the proposed changes to royalty rates, which were announced by the Queensland Government on September 11, 2012, are also expected to apply to the coal royalties that it receives from the Kestrel and Crinum mines.
The Kestrel and Crinum mines in Queensland, Australia are operated by Rio Tinto Limited and BHP Billiton Limited, respectively.
In the 2012-2013 Queensland State Budget, the Queensland Government announced an increase in the royalty rates for coal sold, disposed of or used on or after October 1, 2012, which will also apply to Anglo Pacific’s Kestrel and Crinum royalties.
The effective royalty rate for a particular period depends on the average price per metric tone (mt) of coal for the return period and is calculated on a tiered system.
A rise from 10% to 12.5% is proposed where the average price per mt is over AUD 100 and up to AUD 150, with an additional band of 15% where the average price is more than AUS 150/mt. The first AUD 100 will continue to attract a royalty rate of 7%.
Source (English): Anglo Pacific Group
