Posted in | News | Mining Business

Australian Mining Tax Changes Rattle BHP and Rio Tinto

The two large Australian mining companies BHP Billiton and Rio Tinto are unhappy about the changes being written into the mining tax post-election. This was made evident to the Senate select committee that is investigating the proposed Minerals Resource Rent Tax (MRRT) in Melbourne.

The agreement made stated that “all state and territory royalties will be creditable against the resources tax liability”, however the Energy Minister threw this part of the agreement into debate after the August elections.

Mr Martin Ferguson said that any royalty rate increase not scheduled before May 2 this year would not be creditable. The government fears allowing new royalties to be refunded could effectively give states the ability to raise them in the knowledge the federal government will foot the bill.

The chief advisor on government relations for Rio Tinto Mark O’Neill said today that the company would have been reluctant to sign the Heads of Agreement unless it believed that the issue had been resolved.

The agreement had been signed by Ms Gillard, Treasurer Wayne Swan and Resources and Energy Minister Martin Ferguson in July before the elections. The three main mining companies which signed the deal with the government were BHP Billiton, Rio Tinto and the Swiss mining giant Xstrata.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Australian Mining Tax Changes Rattle BHP and Rio Tinto. AZoMining. Retrieved on May 19, 2024 from https://www.azomining.com/News.aspx?newsID=1986.

  • MLA

    Scanlon, Joel. "Australian Mining Tax Changes Rattle BHP and Rio Tinto". AZoMining. 19 May 2024. <https://www.azomining.com/News.aspx?newsID=1986>.

  • Chicago

    Scanlon, Joel. "Australian Mining Tax Changes Rattle BHP and Rio Tinto". AZoMining. https://www.azomining.com/News.aspx?newsID=1986. (accessed May 19, 2024).

  • Harvard

    Scanlon, Joel. 2019. Australian Mining Tax Changes Rattle BHP and Rio Tinto. AZoMining, viewed 19 May 2024, https://www.azomining.com/News.aspx?newsID=1986.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.