Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Australia’s Green Party wants gold companies to be subject to the country’s proposed Mineral Resource Rent Tax (MRRT), Xinhua reports.
The tax, which expects to add $1.74 billion to the nation’s coffers, currently only applies to coal and iron ore companies.
The Greens released a report calling on the federal government to include gold in the 30% tax:
The report showed if the original 40 percent resource super profits tax (RSPT) had not been abandoned in 2010, gold would have contributed 3.38 billion U.S. dollars over the next three years and 7.9 billion U.S. dollars over the next ten years.
The gold industry responded vigourously to the Greens’ suggestion, saying that the tax, added to 30% corporate tax and state royalties, would discourage exploration, reported The Australian:
The Green Party holds the balance of power in Australia’s parliament.
3 Comments
Bill Jackson
The Greens want to kill the goose….
Mikesmall09
Incredibly stupid people do incredibly stupid things.Turn off the light if you don’t like it!
jamesont
These so-called greens are not FOR the environment, they are ANTI industry. They are typical of ignorant greenies all over the world.