Australia's third largest
iron ore miner
Fortescue Metals Limited (
Fortescue) will start legal proceedings regarding the new 30 percent
mining tax passed by the Australian parliament, according to media reports.
Fortescue has confirmed it is seeking legal advice before applying to the Australian High Court about the new
mining tax. The company suggests that the
mining tax is unfair and will reduce investments and jobs in the Australian
mining industry.
The new
mining tax to be effective as of July 1, 2012 will apply to
iron ore or coal miners who register annual profits of A$75 million or above.