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Andrew Forrest Says Government Will Need to Redesign Mining Tax

If Fortescue Metals Group Ltd CEO Andrew Forrest has his way Prime Minister Julia Gillard can forget about having the new mining law passed in its current form after the elections.

He said that the Federal Government will be forced to redesign the mining tax to meet their ambitious revenue targets. In which case the iron ore and coal miners will be hit hardest by the new tax.

Mr. Forrest was commenting after Shen He Tang, president of China Metallurgical Group Corporation lashed out at the Minerals Resources Rent Tax. Mr Shen He Tang said that as they are developing low grade minerals they needed to be given preferential treatment. His company is the largest mining construction group in China.

As per Mr. Forrest the three main mining giants, BHP Billiton, Rio Tinto and Xstrata will be unable to generate the $10.5 billion tax for the government and it would hit the juniors. The mining tax compromise worked out between them and the government was labeled secret and sinister by him.

He is getting ready to launch another anti-tax campaign within a few days.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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