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Tom Albanese Confident on Mining Tax Resolution

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.

Joel Scanlon

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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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