Andrew Forrest Confident on RSPT Resolution

Fortescue Metals Group Ltd chief Andrew Forrest is now feeling confident about reaching a deal over the Resources Super Profits Tax (RSPT) with the Australian Government. He has been the foremost critic of the new proposed mining tax so far, even leading the anti tax campaign being run by the mining industry.

It is largely to this campaign that the departure of ex Prime Minister Kevin Rudd can be attributed. His popularity in opinion polls had begun to plummet after he refused to soften his stance on the RSPT.

Fortescue ore being loaded into the FMG Matilda at Herb Elliot Port. Image Credit: Fortescue Metals Group Ltd

The new Prime Minister Julia Gillard took over the Labor party leadership primarily because of her promise to negotiate with the mining industry about the terms and conditions of the tax. Mr. Andrew Forrest mentioned that now enough smart minds were around to reach an agreement on the proposed mining tax.

Fortescue said the revised position was to include increasing the return rate at which the tax kicks in to 15% from around 6%. The full compromise that the two parties will eventually work out is as yet unknown. However both are keen on a quick solution to the problem.

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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