❓ Hon ED DERMER asks about the estimated increase in royalty revenue if iron ore fines concessions were removed. Hon HELEN MORTON provides an estimate for 2008-09 and indicates revised estimates for 2008-09 and 2009-10 will be published in the 2010-11 budget.
AnsweredQoN 202Legislative Council
QuestionView source ↗
ROYALTY CONCESSION REVENUE — IRON ORE FINES
What would be the estimated increase in royalty revenue to the state should the royalties concession for iron ore fines contained within state agreement acts be removed, calculated on the same basis as the figures contained in table 3 of the Pre-election Financial Projections Statement of 2008, for the following years — (a) 2008–09; (b) 2009–10; (c) 2010–11; (d) 2011–12; and (e) 2012–13? Hon HELEN MORTON
What would be the estimated increase in royalty revenue to the state should the royalties concession for iron ore fines contained within state agreement acts be removed, calculated on the same basis as the figures contained in table 3 of the Pre-election Financial Projections Statement of 2008, for the following years — (a) 2008–09; (b) 2009–10; (c) 2010–11; (d) 2011–12; and (e) 2012–13? Hon HELEN MORTON
AnswerView source ↗
I thank the honourable member for some notice of the question. (a)–(e) On page 253 of budget paper No 3 of the 2009–10 budget, it was estimated that the revenue cost of state agreement act concessions for iron ore fines was $310.7 million in 2008–09. This was calculated relative to the existing Mining Act rate of 5.625 per cent for fine ore, and based on the prevailing exchange rate, iron ore price and production estimates. Unlike the 2008–09 Pre-election Financial Projections Statement , it was based on all iron ore fines production, rather than applying to new production only. Revised estimates of the cost of iron ore royalty concessions for 2008–09 and 2009–10 will be published in the 2010–11 budget.
I thank the honourable member for some notice of the question. (a)–(e) On page 253 of budget paper No 3 of the 2009–10 budget, it was estimated that the revenue cost of state agreement act concessions for iron ore fines was $310.7 million in 2008–09. This was calculated relative to the existing Mining Act rate of 5.625 per cent for fine ore, and based on the prevailing exchange rate, iron ore price and production estimates. Unlike the 2008–09 Pre-election Financial Projections Statement , it was based on all iron ore fines production, rather than applying to new production only. Revised estimates of the cost of iron ore royalty concessions for 2008–09 and 2009–10 will be published in the 2010–11 budget.
(a)–(e) On page 253 of budget paper No 3 of the 2009–10 budget, it was estimated that the revenue cost of state agreement act concessions for iron ore fines was $310.7 million in 2008–09. This was calculated relative to the existing Mining Act rate of 5.625 per cent for fine ore, and based on the prevailing exchange rate, iron ore price and production estimates. Unlike the 2008–09 Pre-election Financial Projections Statement , it was based on all iron ore fines production, rather than applying to new production only. Revised estimates of the cost of iron ore royalty concessions for 2008–09 and 2009–10 will be published in the 2010–11 budget.
I thank the honourable member for some notice of the question. (a)–(e) On page 253 of budget paper No 3 of the 2009–10 budget, it was estimated that the revenue cost of state agreement act concessions for iron ore fines was $310.7 million in 2008–09. This was calculated relative to the existing Mining Act rate of 5.625 per cent for fine ore, and based on the prevailing exchange rate, iron ore price and production estimates. Unlike the 2008–09 Pre-election Financial Projections Statement , it was based on all iron ore fines production, rather than applying to new production only. Revised estimates of the cost of iron ore royalty concessions for 2008–09 and 2009–10 will be published in the 2010–11 budget.
(a)–(e) On page 253 of budget paper No 3 of the 2009–10 budget, it was estimated that the revenue cost of state agreement act concessions for iron ore fines was $310.7 million in 2008–09. This was calculated relative to the existing Mining Act rate of 5.625 per cent for fine ore, and based on the prevailing exchange rate, iron ore price and production estimates. Unlike the 2008–09 Pre-election Financial Projections Statement , it was based on all iron ore fines production, rather than applying to new production only. Revised estimates of the cost of iron ore royalty concessions for 2008–09 and 2009–10 will be published in the 2010–11 budget.
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