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New Australian govt tax panders to uranium miner BHP Billiton

Most importantly, the new tax will not affect BHP Billiton’s $23 billion plan to expand the massive Olympic Dam mine, the world’s biggest uranium deposit

A dog’s breakfast * Robin Bromby  The Australian * July 02, So let’s get this right about the new mining resources rent tax. BHP Billiton will pay the new tax on the coal …….. but not on what it rips out of the ground at Olympic Dam in South Australia (the world’s largest uranium deposit, and another non-replaceable asset) ….…Wendt said the changes in the tax shore up Labor’s position in South Australia (because the Olympic Dam expansion will not be cancelled)

A dog’s breakfast | The Australian

Tax deal lifts cloud over miners, Sydney Morning Herald, 2 july 2010, Australia’s biggest miners face paying more tax, but not nearly as much as feared, after winning big concessions from the federal government…..Most importantly, the new tax will not affect BHP Billiton’s $23 billion plan to expand the massive Olympic Dam mine, the world’s biggest uranium deposit and fourth-largest copper deposit….
Having signed off on the resource rent deal, only one major uncertainty remains for the miners. Will this new tax be approved by Australia’s Senate following an election expected in the next few months?

The Greens are likely to hold the balance of power in the Sentate following the election. Greens leader Bob Brown has said they would oppose the tax if it is watered down too much. If so, the tax could be defeated in the Senate, with the Greens teaming up with the conservative Coalition, which has said it would scrap a new tax on miners.

A dead tax would be ideal for the miners, but only as long as Ms Gillard has guaranteed that she will not come back with a tougher proposal to satisfy the Greens.

Tax deal lifts cloud over miners | Mining tax | MRRT

July 2, 2010 - Posted by | AUSTRALIA, politics | , , ,

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