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Tom Albanese Confident on Mining Tax Resolution

By Joel ScanlonOct 25 2010

Tom Albanese Chief Executive Officer of Rio Tinto said that the company was confident that the Australian mine tax issue would be resolved soon. He expects the government's transition committee to put the finishing touches to the proposed mining tax and work through any remaining disagreements.

Mr Albanese was speaking on Australian Broadcasting Corp.'s Inside Business program when he said that he had the utmost confidence that the Gillard government would honour the spirit of the modified mining tax agreement that it had signed with BHP Billiton, Xstrata and Rio Tinto in July this year.

There were media reports earlier that the three mining giants were thinking of going back on the deal because of the rumour that the government is seeking to renege on an undertaking to refund future increases in state royalties to the miners.

Mr Albanese also said the agreement signed in July had allowed Rio Tinto to go ahead with $6 billion in iron ore investments in the country. The tax details are currently being worked out by a policy transition group led by the Resources Minister, Martin Ferguson, and former BHP chairman Don Argus.

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.

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