New Hope Says Shareholders Should Consider Mining Tax When Voting In Election
16 Agosto 2010 - 7:11PM
Noticias Dow Jones
Shareholders in New Hope Corp. (NHC.AU) should consider the
impact of the Australian government's proposed mining tax when
voting in the federal election on Saturday, the company said
Tuesday.
Long-term shareholder returns will reduce by more than 10% as a
result of the new tax, the company said in a letter to
shareholders.
"I ask that you consider the potential impact of the current
government's proposed mineral resource rent tax when casting your
vote in the forthcoming federal election," Chairman Robert Millner
said.
New Hope, which operates mainly thermal coal mines in the
southeast of Queensland state, is Australia's fifth largest
independent coal miner by production.
The government's proposed mining tax, which will levy 22.5% on
all coal and iron ore profits more than 7% above long-term
commercial lending rates, has attracted angry opposition from many
smaller miners.
Australia's big three listed mining companies, BHP Billiton Ltd.
(BHP.AU), Rio Tinto Ltd. (RIO.AU) and Xstrata PLC (XTA.LN), have
accepted the deal, which they thrashed out with the new government
of Labor Prime Minister Julia Gillard after her predecessor Kevin
Rudd was removed by his own party.
Opposition leader Tony Abbott has proposed to drop the tax and
provide A$418 million of exploration rebates for smaller miners if
he wins the election.
In a separate letter to shareholders released late Monday in his
capacity as chairman of investment company Washington H. Soul
Pattinson & Co. Ltd. (SOL.AU), Millner also said that the tax
could impact future earnings of that company.
Washington H. Soul Pattinson owns 60% of New Hope's equity.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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