Xstrata Details Australian Tax Payments Amid Resource Levy Row

9th Jun 2010 03:50

MELBOURNE (Dow Jones)--Xstrata Plc (XTA.LN) said Wednesday it paid an average effective tax rate of 40% in Australia from 2002 to 2009, rising to 48% in the past three years. Amid criticism from Australian Prime Minister Kevin Rudd that mining companies were exaggerating the impact of a proposed resource super profits tax, Xstrata said it invested more into the country between 2002-2009 than it generated in revenues. In a statement, Xstrata said it paid A$4.8 billion in royalties and taxes in Australia from 2002-2009 on pre-tax profits of A$12 billion, an effective tax rate of 40%. It said this rose to 48% for the period from 2007-2009. "All of Xstrata's public statements, including those regard taxes and royalties paid, revenues reinvested in Australia, the suspension of two Queensland projects and the resulting impacts on jobs, remain accurate," it said. -By Neil Sands, Dow Jones Newswires; 61-3-9292-2095; [email protected] (END) Dow Jones Newswires June 08, 2010 22:50 ET (02:50 GMT)