Mining industry new super resources tax: is Labor desperate, greedy, stupid or just naive re future?
Monday, October 4th, 2010John Robinson …of Global Mining Investments interview re… the mining industry’s response to the new Australian government’s super resources tax….. (@4.46+ composite video) …the tax overhaul could drive investment overseas, costing local jobs putting billions of dollars in new projects at risk…. mining industry says the tax will decimate jobs and end up making Australia a third world country….. Mining companies contemplate life after super tax www.abc.net.au BHP Billiton Ltd. and Xstrata Plcs expansion and acquisitions plans may stall on Australias plan to increase taxes on mining companies whose profits have surged A billion ( billion) in the past decade. Any probability of mining takeovers proceeding has lessened, Tim Schroeders, who helps manage about .1 billion at Pengana Capital Ltd. in Melbourne, including BHP and Rio Tinto Group, the worlds largest and third-biggest miners, said on Bloomberg TV. It definitely increases the hurdles for prospective buyers in the resources space in Australia. www.businessweek.com Australian mining stocks fell sharply in morning trade today as Treasurer Wayne Swan was accused of “killing his cousin the golden goose” over plans for a new resources sector super tax. In its response to the Henry tax review, unveiled yesterday, the Government announced it would tax mining industry super profits to fund a superannuation rise and a company tax cut. The plan to slap a 40 per cent tax on mining profits spooked investors, as …