Rio Tinto Suspends Mining Tax Advertising Campaign, Encouraged By New PM's Comments

24th Jun 2010 09:12

MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RTP) said it has suspended its advertising campaign against the Australian government's proposed mining tax and is encouraged by new Prime Minister Julia Gillard's offer to engage with the industry on the tax. "While it is a positive first step, we need to end the uncertainty affecting the Australian economy as soon as possible," a Rio Tinto spokesman said. The mining company spokesman said Rio Tinto supported genuine reform of mining taxes in Australia but the government's proposed Resource Super Profits Tax was flawed. "It has already caused damage to Australia's reputation and the national economy," the mining company spokesman said. Rio said any tax reform should not be applied retrospectively and should deliver an effective tax rate that maintains Australia's competitiveness as a destination for investment. - By Alex Wilson, Dow Jones Newswires: 613-9292-2094; [email protected] (END) Dow Jones Newswires June 24, 2010 04:12 ET (08:12 GMT)