Aussie super-tax on miners fails to deter Chinese investments
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| A dump truck is loaded with iron ore at the Australian Bulk Minerals iron ore mine at Savage River in Tasmania, Australia. During the past decade, profits of Australian mining companies amounted to $74 billion. |
Under the latest plan, Australia will tax miners 40 percent on profits for their operations in 2012. Revenue generated will be used to pay for infrastructure improvements, retirement fees and company reforms, the Australian government said on Sunday.
Zhang Ye, vice-general manager of China National Minerals, a wholly owned subsidiary of metals trader China Minmetals, said the proposal would not effect Chinese companies' decision to invest in Australian mining.
Analysts said Chinese companies like Chinalco and Yanzhou Coal Mining, which have already invested in local mining resources, might be affected.
Chinalco, China's largest aluminum producer, is Rio's largest shareholder with a 9.3 percent stake.
Yanzhou Coal Mining Co Ltd last year paid $2.9 billion for the acquisition of Australian Felix Resources Ltd.
