The Australian is reporting that the Rudd government is ready to negotiate on the super-profits tax, with Queensland’s coal-seam gas industry at the forefront of discussions.
The article also suggests the ‘one size fits all’ approach to imposing the 40 per cent profit tax could be changed, with “greenfields” industries such as coal-seam gas, offshore gas and petroleum projects being treated differently to lower-value mining industries like quarrying.
Mining companies vs the governnment
Wesfarmers yesterday wrote a letter to all WES shareholders regarding the proposed Resource Super Profits Tax.
The tussle between the government and Australia’s mining companies will no doubt continue for some time.
FMG – Fortescue Metals
BHP – BHP Billiton
RIO – Rio Tinto
