No you are not correct
Ask knc and other mining European company
How you do the business's
It is not the mining companies that say how business law goes. It's the normal Tax-law.
We've been running business for 40 years in our family so I do know how the law goes. Just directing to the right path nothing else.
Cheers.

Have a nice day.
I agree, that's how I know VAT to work... as a VAT registered company, you'll pay the VAT on the purchase and submit your VAT return at the end of the tax year to claim it back...