Australian mining giant Rio Tinto on May 6 confirmed that no decision has been made to shelve any projects in Australia following the announcement by the Australian government of the proposed Resource Super Profits Tax (RSPT).
According to a company statement, Rio Tinto is reviewing the potential impact of the proposed RSPT on all of its operations and new projects in Australia. The feasibility study into the proposed 330 million mt per year expansion of Rio Tinto's iron ore operations in Western Australia is continuing as previously advised, the company said, adding that the effect of the new tax plan remains unclear until the details of the proposal become clearer.
As SteeOrbis previously reported, Rio Tinto warned in a statement dated May 4 that the new resources tax announced by the Australian government could erode the country's competitiveness, severely curtail investment and limit jobs growth.