Fortescue head rejects Australian gov't proposed mining tax

16:38, August 03, 2010      

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The head of Fortescue Metals Group (FMG), Andrew Forrest, on Tuesday vowed to continue his campaign against the Australian federal government's proposed mining tax.

Forrest has used his address at the Diggers and Dealers conference in the Western Australia Goldfields city of Kalgoorlie to attack the government's mineral resource rent tax.

He described it as unfairly favouring the big miners BHP Billiton, Rio Tinto and Xstrata and said it has damaged Australia' s international business reputation.

"What you are seeing is a mining industry that is moving overseas," he said.

Iron ore and coal are the two commodities which will be affected by the proposed minerals resource rent tax but Forrest believes others could be included if the federal government falls on hard times.

Forrest has also repeated calls for magnetite ore to be exempt from the tax.

The FMG head insists his view are apolitical and has ruled out contributing to the Liberal Party's election campaign.

However, Forrest said FMG will put money into the anti-mining tax campaign being led by the Association of Mining and Exploration Companies and has urged other companies to do the same.

Source: Xinhua


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