INTERVIEW: ICMM: Miners Must Evaluate Ways To Soften Tax

28th Jun 2010 16:47

By Rhiannon Hoyle Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Mining companies need to look at what they can bring to the table if they want to see Australia's planned super-profits tax softened, the president of the International Council on Mining and Metals said Monday. In an interview with Dow Jones Newswires, Anthony Hodge also said that negotiations on the proposed new regime must be held as quickly as possible to end the current uncertainty for both miners and the local communities. The government has been in a bitter standoff with mining companies since May, when plans for the Resource Super Profits Tax were announced. It is one of the issues that eroded support for former prime minister Kevin Rudd, who, having rivaled Bob Hawke as Australia's most popular prime minister a year ago, was Thursday dumped by the ruling Labor party in favor of former deputy PM Julia Gillard. Hodge said a genuine discussion on the proposed tax is "well overdue." "I think the key to an effective conversation here is that each of the parties bring what they can to the table," Hodge said. Key sticking points have included the 40% rate of the tax and its retrospectivity, the latter of which miners are expected to continue to fiercely oppose. -By Rhiannon Hoyle, Dow Jones Newswires; +44 (0)20 7842 9405; [email protected] (END) Dow Jones Newswires June 28, 2010 11:47 ET (15:47 GMT)