super profit tax

Tom Albanese, the chief executive of Rio Tinto (RIO) has stated that the Australian Government will turn into a risky “silent partner” of the Australia based miners through its proposed resource super-profits tax (RSPT) which has created a huge debate throughout the mining industry and believed to have negative impact over the mining sector of the country. Rio Tinto is currently doing as much as it can to prevent the RSPT which it believes will enhance the sovereign risk of Australia.

The chief executive of Rio Tinto (RIO) Tom Albanese said that it is important for the UK based investors to raise their voice against the proposed controversial resource super profit tax (RSPT) on the mining sector of Australia which has created a major debate recently. The latest data shows that the tax is going to have negative impacts not only on FTSE but on the retail sector as well.

The Western Australia based iron exploration and mining company BC Iron (BCI) has declared that it is going to move forward with its multimillion dollar worth of Nullagine iron ore join venture project by following the schedule. The declaration came in at a time when the entire mining industry of Australia is engaged into a debate with the federal Government regarding the effects the tax would have in this sector. BC Iron too has expressed its concerns regarding the tax.