Rio Tinto ready to build Simandou after almost 30 years of setbacks
Simandou has faced delays due to legal disputes, political changes, and the challenges of building out 600 km rail and port infrastructure.
Mining companies in Australia have won a victory over the controversial Mineral Resource Rent first proposed last year by then-Prime Minister Kevin Rudd, Business Spectator reported:
Australia’s biggest mining companies have won a major concession over the planned new 30 per cent Mineral Resource Rent Tax (MRRT), with the government agreeing to refund any future increases in state-based royalty charges.
“The government supports the recommendation that all current and future royalties be credited, and that all levels of government should ensure the taxation of Australia’s resources preserves our international competitiveness,” Mr Swan said.
Treasurer Wayne Swan said the government agreed with the key recommendation of a mining tax transitional policy group, headed by Resources Minister Martin Ferguson and former BHP Billiton chairman Don Argus.
