Friday, 11 Nov 2011
BHP Billiton has finalized an agreement with the Western Australian Government to increase the royalty rate payable to the State for its iron ore Fines product.
Based on this agreement, the Western Australian Government will proceed with amendments to the State Agreement Acts covering operations managed by BHP Billiton Iron Ore.
These amendments will include an increase in the royalty rate applicable to iron ore Fines from 5.625% of sales revenue to 6.5% from July 1st 2012, and then to 7.5% from July 1st2013. This will align the royalty rate for Fines with the existing rate paid on Lump ore.
Mr Ian Ashby BHP Billiton iron ore president said that "The changes to the State Agreements will give the Company greater certainty in planning and executing our growth projects, particularly the proposed Outer Harbour Development.”
The State Agreement amendments are subject to the approval of the Parliament of Western Australia.
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