September 23rd, 2011

Mining lobby wants magnetite tax exemption

The Federal Government is being urged to exclude magnetite from the minerals resource rent tax or risk stifling a potentially-lucrative industry.

The South Australian Chamber of Mines and Energy says there are magnetite prospects across Eyre Peninsula, throughout the north of the state and in the Braemar region towards Broken Hill in western New South Wales.

Chamber chief executive Jason Kuchel says there would be little or no benefit in the Government taxing that particular sector.

“The way the taxation is currently drafted, it would be likely that there would be a number of projects in South Australia that wouldn’t in fact proceed in relation to magnetite,” he said.

©Australian Broadcasting Corporation

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