Australian Iron Ore Mine Magnate Leads Fight Against Tax

Reuters reported Australian mining company executives on Thursday called on Prime Minister Julia Gillard to abandon a proposed mining profits tax.

As quoted by the market news:

The claim was immediately rejected by Treasurer Wayne Swan before the Australian Parliament.

Gillard earlier this year vowed to introduce a 30 percent tax on profits from iron ore and coal mining after holding closed-door negotiations with the nation’s three biggest mining houses, BHP Billiton (BHP.AX), Rio Tinto (RIO.AX) and Xstrata (XTA.L).

Click here to read the full Reuters report.