The Resources Super Profits Tax is under fire in Labor caucus, with MPs questioning its potential economic impact and suitability for existing mining projects.
Asciano Group has signed a 10 year coal hauling contract with the mining company Anglo American. The deal is set to generate revenues of more than $775 million.
BP shares plummeted to 355 pence as investors worried about the rising costs of the Gulf of Mexico oil spill crisis. U.S. President Barack Obama visited the spill hit areas and vowed to use all his power to heal the Gulf Coast. He was speaking at a staging post for oil clean up efforts.
According to data provided by a model produced by KPMG on the mining industry the proposed RSPT from the federal government will make the mining companies in Australia pay 42% higher tax rates than the global average.
There is a new critic from the mining industry over Australian Prime Minister Kevin Rudd's proposed 40% RSPT.
The Resources Super Profits Tax sparks controversy as PM Rudd insists on its necessity, despite mining leaders warning of adverse effects on revenues.
Making another attempt to hit out at the Resources Super Profits Tax in Australia, mining giant BHP Billiton sent out a letter to shareholders pointing out a supposed flaw in the law.
Queensland Alumina Ltd pleaded guilty yesterday to causing serious environmental harm after an industrial incident in a Gladstone alumina refinery last year. The court has fined the company $90,000 plus $20,000 in costs.
Chalco's denial of its alleged pull out of the deal to set up a bauxite refinery at Aurukun in North Queensland over the resources super tax may be more than posturing. The viability of the project has been doubted for more than 12 months within the company.
According to economic forecaster BIS Shrapnel, mining and heavy industry construction, which accounts for one third of Australia’s A$25 billion ($21 billion) building sector, is expected to drop 3 percent in the 12 months ending June 30, 2011.
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