Magnetite miner alliance

A number of magnetite miners have joined together to form a tax alliance

A number of magnetite miners have joined together to form a tax alliance.

This follows the Government opening the floor to comment from the industry as it draws towards a final conclusive mining tax.

Magnetite iron ore has repeatedly been singled out for exclusion from the tax to allow for a greater growth of the industry, as opposed to hematite iron ore.

A meeting was held in Perth between the West Australian Chamber of Minerals and Energy (CME), the Geraldton Iron Ore Alliance and the Magnetite Network regarding a presentation for the mineral’s exclusion.

The CME said that as magnetite is not a saleable product, due to the amount of processing required, it should be excluded just as other minerals that require significant processing.

This comes on the back of small to medium explorers and miners proposing a two extension to the mining tax panel’s submission date, stating that the consultation process has been rushed and they have been allowed very little time to fully analyse data.

The Association of Mining and Exploration Companies (AMEC) said the number of questions raised by the panel’s key issues paper last week showcased the lack of time junior miners had to fully investigate the Mineral Resources Rent Tax’s impact.

AMEC spokesperson Simon Bennison said he would petition the panel for more time.

With the deadline set for 28 October, “another couple of weeks would not be unrealistic," he said.

The first meeting of the mining tax policy group will be held in Perth this Thursday, and is set to be held in every capital city over the coming month.

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