Rio Tinto CEO:Australia Tax Would Create Opportunity For Africa

11th Jun 2010 15:05

PARIS (Dow Jones)--Rio Tinto PLC (RTP) Chief Executive Tom Albanese Friday said a proposed tax on miners could push investment out of Australia and into Africa. "[The proposed policy] will create an opportunity for Africa if it has any semblance of what's being proposed right now," Albanese said at the 10th International Economic Forum on Africa, hosted at the French Finance Ministry. Albanese acknowledged that Australia's geology, political stability and proximity to Asian markets are attractive but said that the proposed tax would increase Australia's sovereign risk. Australia announced last month plans to impose a 40% tax on natural-resource companies, including miners. -By William Horobin, Dow Jones Newswires; +33 1 4017 1737; [email protected] (END) Dow Jones Newswires June 11, 2010 10:05 ET (14:05 GMT)