Fortescue likely to start legal proceedings against new mining tax

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.