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1、AustralasiaAustraliaM&M-DiversifiedResources5July2010AustralianMiningSectorMRRTnottaxing-minimalimpactonvaluationsIndustryUpdateCompaniesfeaturedAquariusPlatinumLimited(AQP.AX),AUD5.45BuyAvocaResources(AVO.AX),AUD2.67BuyAlumina(AWC.AX),AUD1.52BuyBHPBillitonLtd(BHP.AX),AUD36.98BuyCentennialCoalCoLtd
2、(CEY.AX),AUD5.83HoldEquinoxMinerals(EQN.AX),AUD4.25SellERA(ERA.AX),AUD13.59BuyPaulYoungResearchAnalyst(+61)28258-2587paul-d.young@db.comBrendanFitzpatrickResearchAnalyst(+61)28258-1519brendan.fitzpatrick@db.comLeviSpryResearchAnalyst(+61)28258-2611levi.spry@db.comExtractResources(EXT.AX),AUD6.50B
3、uyFortescueMetals(FMG.AX),AUD4.04HoldIndependenceGroup(IGO.AX),AUD4.82BuyIlukaResources(ILU.AX),AUD4.66HoldKingsgateConsolidated(KCN.AX),AUD9.53BuyLihirGoldLtd(LGL.AX),AUD4.21HoldHugewinforMiningSectorasAustralianGovernmentrollsoverontaxTheGovernmenthasannouncedanewMineralsResourceRentTax(MRRT)apply
4、ingtoironoreandcoalonly,replacingtheflawedRSPT.Basemetals,gold,anduraniumarenowfullyexcluded,bigwinnersappeartobeERAandthenickelsector.BHPB'sNWSLNGproject(16.7%)willhoweverfallunderthecurrentPetroleumResourcesRentTax(PRRT).UndertheMRRTourvaluationsdeclineby;BHP(2.6%),RIO(3.2%),FMG(5.5%),CEY(4.6%),MC
5、C(0.5%)andWHC(1%).MRRT:effectiverateof22.5%+deductionofMarketValueratherthanBVInwhatseemslikeacompletecapitulationbytheAustralianGovernmenttoachievepoliticalstability,thekeycomponentsoftheprofitsbasedtaxhavetiltedwellandtrulytowardstheminers.TheMRRTheadlineratewillnowbe30%.An“extractionallowance”of2
6、5%willthenbedeductedagainsttheMRRT,equatingtoaneffectiverateof22.5%.TheStartingCapitalBase(SCB)openingvaluecannowbetheMarketValuedepreciatedover25yrs,ortheBookValueasat2May2010,toberapidlydepreciatedover5yrs.Capexspentbetween2May2010and30June2012isaddedtotheSCBandcapexspentafter30June2012canbeimmedi
7、atelywritten-down.TheopeningbalanceoftheSCBcanbegrossed-upeachyearat12.7%(long-termbondrateof5.7%+7%)wheretheBookValueisused.Overall,theabilitytodeductMarketValueratherthanBookValuerecognizespastinves
