New tax attacks

Anger has reignited over the newly proposed Mineral Resources Rent Tax.

Anger has reignited over the newly proposed Mineral Resources Rent Tax (MRRT).

Andrew ‘Twiggy’ Forrest’s Fortescue Metals Group has launched a salvo, on behalf of a number of smaller miners, against the new tax.

The MRRT, born out of the proposed Resources Super Profit Tax, is aimed at only coal and iron ore above a 12% threshold at a rate of 30%.

Saying that the tax unfairly hits smaller miners, juniors are threatening to restart the anti-tax advertising campaign as early as next week, with the campaign run by mining industry body AMEC.

Forrest has also slammed Greens leader Bob Brown.

Brown has publically stated that the Greens are intent on garnering higher taxes from the mining industry.

Forrest hit back, saying despite Brown’s knowledge of the damaging nature of this tax to the industry, he is supporting it simply as a vote getting exercise.

He explained that the tax will not only affect the mining industry, but will also detrimentally affect indigenous Australians, for whom the resources industry is a major employer.

“Allow the mining industry to grow Senator Brown, that will allow us to make major social investments and allow us to make major environmental investments, and stop demonising the mining industry that have at least as greater love for the environment, and at least a greater care for underprivileged people than you will ever have,” Forrest said.

 

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.