Fortescue Metals: Mining Tax A Reasonable Framework For Consultation

2nd Jul 2010 07:25

MELBOURNE (Dow Jones)--Fortescue Metals Group Ltd. (FMG.AU) said Friday that it was "relieved" that the government dropped its controversial Resources Super Profits Tax in favor of a watered down version, but that further consultation with the industry is needed. "While it was disappointing that the outcome was the result of meetings between the government and three big multinational mining companies with no input from local Australian companies, Fortescue believes the draft Heads of Agreement provides a reasonable framework for on-going industry consultation," Chief Executive Andrew Forrest said in a statement. He said that he was disappointed the government based the changes to its tax plan on talks with BHP Billiton (BHP), Rio Tinto (RTP) and Xstrata PLC (XTA.LN). -By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; [email protected] (END) Dow Jones Newswires July 02, 2010 02:25 ET (06:25 GMT)