drilling results....good or bad, page-35

miners will negotiate because they want a profits based royalty system, just not the one that has been put forward

the three main differences of the RSPT to the submission by the minerals council to the henry review are:

1) the tax kicks in at bond rate
2) a credit is available (sometimes) for failed projects
3) it applies to existing projects

if industry want a change to #1, they will lose #2 - this is no big deal for industry, they don't go into a project factoring in failure

talks around #3 will be interesting, swan/rudd have said that the transition is open for consultation, whether it lands on not applying to existing projects (like prrt) or some sort of phase in remains to be seen