Aggregated Awareness

From Robert Gottliebsen at the Business Spectator comes this commentary providing an overview of the deliberations in the past week between Australia's Federal Labor Government & the Major Mining firms: BHP, RIO, et al; regarding the Resource Super Profits Tax (RSPT).

In summary, apparently, the revised conditions of the RSPT are that:

1. The tax only applied to large ventures and not the explorers, meaning that most of the smaller miners will be exempt;
2. The tax is confined to iron ore & coal, meaning that miners of other minerals will be exempt;
3. Under pending review in further talks between the federal govt. and the miners is the "tax deductability for shareholders who subscribe capital for exploration companies";
4. The tax won't be applied to steel works now, as previously proposed;

Excerpt: "...Australia’s reputation has been harmed by the Rudd-Swan bungle, but by sacking Rudd and reversing all the mining tax policies Gillard has repaired most of the damage. But if the sharemarket is right, we still have some storms ahead and more “we were wrong” signs will come out of Treasury...".

Source...