MARKET TALK: Aussie Miners In Focus Amid Tax Speculation

11th Jun 2010 01:08

0008 GMT [Dow Jones] While Aussie PM Kevin Rudd has downplayed a report that the government could be considering major changes to its Resource Super Profits Tax any time soon, unsourced report from Herald Sun columnist Terry McCrann says government is planning major changes to RSPT, possibly announced today or tomorrow, which could help some of the major miners including BHP Billiton (BHP.AU), Rio Tinto (RIO.AU) and Fortescue (FMG.AU). Among ideas flagged in McCrann's article are that the government will dump a 40% underwriting of losses and lift the threshold profit rate at which the tax kicks in from the long-term bond rate of around 6% to something above 10%. Rudd told Channel 7's Sunrise television program earlier that McCrann was "well wide of the mark". "Can I just say, I've seen in some of the newspapers this morning, it says we were on the verge of a deal. The other newspapers are saying there'll never be a deal. You know, the reality probably lies somewhere in between all that." Rudd says. "I think we've got weeks and probably months of consultation yet with the major mining companies." BHP up 2.6% early following solid gains in London overnight, FMG up 3.8% ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 10, 2010 20:08 ET (00:08 GMT)