BHP quoted saying mining tax lowers value of Rio JV
BHP Billiton chief executive Marius Kloppers said the Australian government’s proposed mining tax has cut the value of its proposed Pilbara iron ore merger with Rio Tinto, a newspaper reported.
See http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=105203&sn=Detail&pid=92730.
BHP could increase investments in Latin America due to Australian tax proposal
Multinational resources group BHP Billiton could look at increasing investments in Peru and other Latin American nations if the Australian government approves a proposed new tax on the mining industry.
See http://www.bnamericas.com/news/mining/BHP_could_increase_investments_in_Latin_America_due_to_Australian_tax_proposal/188085073.
Australia No.1 sovereign risk issue for mining – Rio Tinto
London-listed Rio Tinto said it is reviewing all investments in Australia due to a proposed new tax, describing the country as its No.1 sovereign risk concern and sending a weak Australian dollar even lower. Australia, which accounts for the bulk of Rio’s revenue from iron ore, coal and other commodities, had been considered a top safe-haven investment destination for miners hunting the raw materials to fuel Asia’s growth. But plans by Prime Minister Kevin Rudd to introduce a 40 percent tax on miners’ so-called super profits has sparked high-stakes political battle ahead of a general election later this year.
See http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=105316&sn=Detail&pid=92730.
Rio Tinto not against profit-based taxes for mining
Mining giant Rio Tinto supports the notion of a profits-based mining tax but feels Australia’s proposed 40 percent profits tax is too punishing, a senior executive said. Australia has angered miners with its plan, unveiled this month, to replace the current system of relatively low royalty rates on mine output with a national profit-based tax from 2012. Rio Tinto and rival BHP Billiton have taken the lead against the tax, attacking it as punitive and damaging to new projects, jobs and the nation’s investment reputation.
See http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=105164&sn=Detail&pid=92730.