❓ WA Parliamentary Question on Notice regarding iron ore companies with subsidiaries in Singapore and a breakdown of their royalty payments to WA. The Minister identifies companies but declines to provide specific royalty details due to commercial sensitivity.
AnsweredQoN 3494Legislative Assembly
Asked
14 August 2018
Member
Portfolio
Mines and Petroleum; Commerce and Industrial Relations; Electoral Affairs; Asian Engagement
QuestionView source ↗
(1) Which companies with iron ore operations in WA currently have subsidiary companies in Singapore? (2) Can you provide a breakdown of the royalties paid by each of these companies to WA with a breakdown of how these royalties have been calculated?
AnswerView source ↗
Answered
18 September 2018
Responded by
Minister for Mines and Petroleum; Commerce and Industrial Relations; Electoral Affairs; Asian Engagement
Response time
9 days
(1) Rio Tinto Limited, BHP Limited and CITIC Pacific Mining are known to have subsidiaries in Singapore.
(2) Individual company royalty payments are commercially sensitive and not released publically.
Generally, royalties are paid at a rate of 7.5 per cent for fines and lump iron ore products, and at a rate of 5.0 per cent for beneficiated iron ore products (beneficiated fines and beneficiated lump as well as magnetite concentrates).
The royalty value to which the royalty rate is applied to is the arm’s length FOB (Free On Board) value of the iron ore product based on the first point of sale less allowable deductions.
Allowable deductions and the royalty calculation are defined in the Mining Regulations 1981 and respective State Agreement Acts in order to calculate an FOB value.
(2) Individual company royalty payments are commercially sensitive and not released publically.
Generally, royalties are paid at a rate of 7.5 per cent for fines and lump iron ore products, and at a rate of 5.0 per cent for beneficiated iron ore products (beneficiated fines and beneficiated lump as well as magnetite concentrates).
The royalty value to which the royalty rate is applied to is the arm’s length FOB (Free On Board) value of the iron ore product based on the first point of sale less allowable deductions.
Allowable deductions and the royalty calculation are defined in the Mining Regulations 1981 and respective State Agreement Acts in order to calculate an FOB value.
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