Fortescue applies to Australian high court against mining tax

Australia-based iron ore producer Fortescue Metals Group has announced that it has lodged a challenge in the High Court of Australia against the Federal Government's Minerals Resource Rent Tax (MRRT) on constitutional grounds, on Friday, June 22.
 
According to Fortescue's statement, the company is challenging the tax on the grounds that it discriminates between the states, curtails state sovereignty, gives preference to one state over another and restricts a state's ability to encourage mining.
 
In March, the Australian parliament passed the legislation for the 30 percent mining tax to be effective as of July 1, 2012.