BHP Billiton Says Encouraged By Resources Tax Changes

1st Jul 2010 23:47

MELBOURNE (Dow Jones)--BHP Billiton Ltd. (BHP.AU) said Friday it is encouraged by the Australian government's revised mining tax, which addresses many of the miner's main concerns with the original proposal. The government has narrowed the focus of the tax to the iron ore and coal sectors, reduced the rate to 30% from 40% and will allow companies to enter their projects into the new tax regime at market value rather than the book value proposed in the original scheme. "There is still a great deal of work to be done before this tax is enacted, and we will work constructively with the government to ensure that the detailed design of minerals taxation maintains the international competitiveness of the Australian resources industry into the future and is in the long term interests of the industry and all Australians," Chief Executive Marius Kloppers said in a statement. -By Alex Wilson, Dow Jones Newswires: 613-9292-2094; [email protected] (END) Dow Jones Newswires July 01, 2010 18:47 ET (22:47 GMT)