Gold will not be included under the mining tax, Federal resources minister Martin Ferguson says.
He said the Greens can forget their efforts to include it under the auspices of the Mineral Resources Rent Tax, according to SkyNews.
It comes after Greens leader Bob Brown’s calls to tax the metal at the same rate as coal and iron ore, stating that it would add an additional $1.8 billion to the government’s coffers over the next ten years.
Brown stated that there is “no theoretical justification for gold’s exclusion from the MRRT.
Ferguson said the issue of the tax is settled, following its second draft exposure to the public.
“There has been very detailed consultation and reworking of that document to meet the agreement entered into prior to the last election,” Ferguson told ABC Radio on Wednesday.
“I simply say to the Greens and independents – it’s about time they moved on. This is an appropriate taxation outcome.
Gold has been steadily moving upwards in price over the last few years, reaching more than $1600 per ounce and jumping 16.25% in the last six months alone.