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Andrew Forrest Says Government Will Need to Redesign Mining Tax

By Joel ScanlonJul 25 2010

If Fortescue Metals Group Ltd CEO Andrew Forrest has his way Prime Minister Julia Gillard can forget about having the new mining law passed in its current form after the elections.

He said that the Federal Government will be forced to redesign the mining tax to meet their ambitious revenue targets. In which case the iron ore and coal miners will be hit hardest by the new tax.

Mr. Forrest was commenting after Shen He Tang, president of China Metallurgical Group Corporation lashed out at the Minerals Resources Rent Tax. Mr Shen He Tang said that as they are developing low grade minerals they needed to be given preferential treatment. His company is the largest mining construction group in China.

As per Mr. Forrest the three main mining giants, BHP Billiton, Rio Tinto and Xstrata will be unable to generate the $10.5 billion tax for the government and it would hit the juniors. The mining tax compromise worked out between them and the government was labeled secret and sinister by him.

He is getting ready to launch another anti-tax campaign within a few days.

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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