Mining and materials group Arrium Limited announced that its statutory net profit after tax for the year ended June 30th 2012 is expected to include a tax benefit of approximately AUD 35 million related to the implementation of the Mineral Resource Rent Tax.

As a result of implementation of the MRRT, the company will be taking up a net deferred tax asset expected to be approximately AUD 35 million, that arises from the specific MRRT starting base deduction that is provided as a shelter for mining investments made up to the date of the announcement of the MRRT on May 2nd 2010.

The company also announced that based on unaudited financial information, it expects underlying NPAT for the year ended June 30th 2012 to be at least AUD 190 million, including the Steel Transformation Plan advance of S45 million after tax.

Statutory NPAT based on unaudited financial information is expected to be approximately AUD 60 million for the 2012 financial year. This includes the tax accounting adjustment to reflect the implementation of the MRRT, as well as other adjustments relating to tax benefits, restructuring costs, transaction costs and asset impairments.

A full briefing on the company's results for the year ended June 30th 2012 is scheduled for August 21st 2012.

Source - Arrium Limited

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