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Australian Government Set to Deal with Mining Firms
Source: http://www.abc.net.au/
Source Date: Thursday, July 01, 2010
Focus: Institution and HR Management
Country: Australia
Created: Jul 05, 2010

The Australian Government is on the verge of announcing a deal with mining companies over a controversial new tax.

The government's been proposing a resources tax of 40 per cent to fund a range of government policies.

The Prime Minister Julia Gillard is flying back to Canberra tonight for more talks with the mining industry.

The Treasurer Wayne Swan and the Resources Minister, Martin Ferguson, have both been negotiating all day with big companies including Xstrata, BHP and Rio Tinto.

A senior source says the Government wants a speedy outcome.

Ms Gillard's involvement later tonight is aimed at finalising the deal.

It is understood to include lifting the rate at which the super profits tax kicks in to around 12 per cent and making the rules more generous for exisiting mines.

Some lower value resources, especially sand and gravel have been arguing they should be excluded from the deal but it is not clear if any compromise would grant their wish.
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