Rio Tinto criticises Canberra taxation plans

Rio Tinto yesterday criticised a argumentative new apparatus taxation imposed by the Australian government, observant it could eat away the countrys competitiveness, diminish investment and extent jobs growth. Prime Minister Kevin Rudd voiced at the week end that a 40 per cent taxation on increase at the big mining companies would be introduced in 2012, raising an one more A$9bn (�5.5bn) a year.

Shares in Rio Tinto fell 4.3 per cent, and opposition BHP Billiton gave up 3 per cent by the marketplace close in Australia yesterday. David Peever, handling executive of Rio Tinto Australia, pronounced the association had concerns about the taxation and the "apparently arbitrary" level.

"Taxing 40 per cent of increase over the long-term down payment rate, together with house tax, would have the Australian minerals zone the top taxed in the world, severely eroding competitiveness," he said.

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