Australia's third largest iron ore miner Fortescue Metals Gorup (Fortescue) has stated that the 30 percent mining tax being introduced in parliament by the Australian federal government today, November 2, is unfair. The tax is expected to become valid in July next year.
Fortescue stated that, due to the mining tax, the major miners will have an advantage in the market by reducing their overall unit cost compared to the smaller miners.
If the mining tax should be implemented, "there must be tax equality between all companies," said Fortescue chairman Andrew Forrest. He also added that the tax in question will drive away investors from Australia.