The world's largest mining company, Australia-based BHP Billiton, has announced that the High Court of Australia has decided in its favor regarding its dispute with the Australian Taxation Office over certain tax issues relating to BHP Billiton's former hot briquetted iron project.
The dispute concerned the clawback of capital allowance deductions claimed by BHP Billiton for the mothballed hot briquetted iron plant in Port Hedland, Western Australia.
"As a result of the decision, an income tax credit of approximately US$580 million will be recognized as an exceptional item in the company's June 2011 financial results," BHP Billiton said in its statement.