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Addressing the Information Gaps on Prices of Minerals Sold in an Intermediate Form

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Addressing the Information Gaps on Prices of Minerals Sold in an Intermediate Form The Platform for Cooperation on Tax DISCUSSION DRAFT: Addressing the Information Gaps on Prices of Minerals Sold in an Intermediate Form Feedback Period 24 January 2017 – 21 February 2017 Organisation for Economic Co-operation and Development (OECD) World Bank Group (WBG) International Monetary Fund (IMF) United Nations (UN) 1 This discussion draft has been prepared in the framework of the Platform for Collaboration on Tax by the OECD, under the responsibility of the Secretariats and Staff of the four mandated organisations. The draft reflects a broad consensus among these staff, but should not be regarded as the officially endorsed views of those organisations or of their member countries. 1 Table of Contents Introduction................................................................................................................................................................ 6 Domestic Resource Mobilisation from Mining......................................................................................... 6 Report Structure ................................................................................................................................................... 9 Building An Understanding of the Mining Sector – A Methodology ................................................ 10 Introduction ........................................................................................................................................................ 10 Steps in the Methodology ............................................................................................................................ 11 Wider Issues Related to Mineral Product Pricing ...................................................................................... 17 Relationship Between Prices Under Corporate Income Tax and for Royalties .......................... 17 Financing Arrangements Affecting Transacted Product Prices - “Metals Streaming” ............ 18 Introduction to Mineral Product Case Studies ........................................................................................... 20 mining production and key products ............................................................................................................ 21 Copper Mining................................................................................................................................................... 21 Pricing Practices ..................................................................................................................................................... 24 Copper concentrate pricing and market conditions ........................................................................... 24 Components of an Agreement ............................................................................................................... 25 Blister and Anode Copper ............................................................................................................................. 27 Refined Copper Cathodes ............................................................................................................................. 28 Additional Information ........................................................................................................................................ 30 Copper – Impurities in Copper Concentrates ........................................................................................ 30 Mining Production and Key Products ........................................................................................................... 31 Iron Ore Mining ................................................................................................................................................. 31 Pricing Practices ..................................................................................................................................................... 34 Pricing Elements in Iron Ore Product Transactions ............................................................................. 34 Iron Ore Price Benchmarks ........................................................................................................................... 35 Contract terms ................................................................................................................................................... 35 Adjustments Based on Physical Form ....................................................................................................... 36 Penalties and Deductions - Impurities ..................................................................................................... 37 Other factors affecting prices ...................................................................................................................... 38 Adjustments based on physical location and delivery date ........................................................ 38 Contract duration (spot and term contracts) .................................................................................... 38 Additional Information ........................................................................................................................................ 40 Iron Ore – Key impurities ............................................................................................................................... 40 Steelmaking processes ................................................................................................................................... 40 Coal Mining and Key Coal Products .............................................................................................................. 41 2 Thermal Coal Mining ....................................................................................................................................... 42 Thermal Coal Usage and Markets ................................................................................................................... 43 Thermal Coal Markets and Trading ........................................................................................................... 43 Economic Context ........................................................................................................................................ 43 Coal Trade ....................................................................................................................................................... 44 Pricing and Contracts .......................................................................................................................................... 45 Customer Requirements ................................................................................................................................ 45 1. Energy Content and quality ..................................................................................................................... 45 Price Indices ................................................................................................................................................... 46 2. Moisture .......................................................................................................................................................... 46 3. Impurities ........................................................................................................................................................ 47 4. Other factors .................................................................................................................................................. 47 Contract Periods ............................................................................................................................................... 48 Additional Information ........................................................................................................................................ 49 Measuring Calorific Value ............................................................................................................................. 49 Contract Units of Measurement and Common Terms ....................................................................... 49 Mining Production and Key Products ........................................................................................................... 50 Gold Mining ........................................................................................................................................................ 50 Pricing Practices ..................................................................................................................................................... 54 Intermediate Gold Products ......................................................................................................................... 54 Payable Metals and the Reference Price.................................................................................................. 54 Pricing Adjustments and Refining Fees.................................................................................................... 55 Spot Price - location adjustments ......................................................................................................... 55 Metals lost during refining – retention fee ........................................................................................ 55 Refining Charges (RC) ................................................................................................................................ 56 Additional Information
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