Iron Ore to Bear Bulk of Tax

SMH reported the vast bulk of the revenue raised by the mining tax will come from iron ore miners, the Australian government said yesterday.

As quoted in the market news:

Treasury officials said the iron ore industry – dominated by BHP Billiton, Rio Tinto and Fortescue – would pay about 75 per cent of the $11.1 billion that the tax is set to raise in its first three years, while coal miners would pay the remaining 25 per cent.

Click here to read the full SMH report.