“We note with concern the media coverage today regarding Fortescue’s international operations.
Full details of Fortescue’s international operations were contained in its own submission to the Senate Economics References Committee dated 29 January, 2015. A copy of this submission is available on the public record.
Fortescue confirms that it pays the applicable tax rates in the countries that it operates and that all income earned by those subsidiaries is then attributed back to Australia and applicable tax paid.
The Singapore Company referred to was established specifically as the entity by which Fortescue would invest in the China Beijing International Mining Exchange.
It has undertaken no other activity. Fortescue is proud of its record of not transferring profits overseas and paying its full share of tax and royalties to Australia.”
Stephen Pearce, Chief Financial Officer