Miners Furious over Australian Tax Plan

Some of the giants of the mining industry, and their backers in the City of London, have reacted with a mixture of anger and surprise to plans by the Australian government to impose a new resources tax. Shares in London-listed companies fell by as much as 7 per cent in trading yesterday, which was the stock market's first opportunity to react to the Canberra administration's plans to introduce a so-called "resources super-profits tax" from July 2012. The 40 per cent charge has already become known as the Henry tax, after Australia's Treasury minister, Ken Henry.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.