BHP says to gain $580 mln after winning Australian tax case

1st June 2011, Comments 0 comments

The world's biggest miner BHP Billiton said Wednesday that it will include a US$580-million (402-million-euro) credit in its annual results, after winning a major tax case in Australia.

"The High Court of Australia has today decided in favour of BHP Billiton in its dispute with the Australian Taxation Office over certain tax issues relating to BHP Billiton's former Hot Briquetted Iron project," BHP said.

"The dispute concerned the clawback of capital allowance deductions claimed by BHP Billiton for the Hot Briquetted Iron plant," added the statement.

"As a result of the decision, an income tax credit of approximately US$580 million will be recognised as an exceptional item in the company's 2011 financial results."

Back in August 2005, BHP decided to close the project at the Boodarie iron plant in the Pilbara region of west Australia.

The Anglo-Australian resources giant, whose financial year runs until the end of June, will publish its 2010/2011 results on August 24.

© 2011 AFP

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